What is the economic outlook for OECD countries? An interim assessment, Paris, 6 September 2005

OECD Chief Economist, Jean-Philippe Cotis says resilience to oil price hike likely to vary across US, Japan and Europe . Soaring energy prices have hit the US, Europe and Japan at different stages in their business cycles. The US where economic growth has been broader-based and Japan, may be better placed to resist this shock than in the Euro area and in the UK where household consumption has weakened recently.