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Chapter II. The World Economy

Published online by Cambridge University Press:  26 March 2020

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Extract

Developments in the world economy have on the whole been much as we predicted in February. It is becoming increasingly clear that renewed expansion is under way in the United States at a pace which, even if it falls short of the Administration's hopes, is more than compensating for the slowing down in industrial countries outside North America. This deceleration has become quite marked in Japan as well as Western Europe, but we expect a faster pace to be resumed before the end of the year. We still put real growth in OECD countries at around 4 per cent in 1971, unless there is a prolonged steel strike in the United States. This compares with about 2½ per cent last year, and we expect the rising trend to continue into 1972.

Type
Articles
Information
National Institute Economic Review , Volume 56 , May 1971 , pp. 22 - 35
Copyright
Copyright © 1971 National Institute of Economic and Social Research

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References

Notes

note (1) in page 25 The Economist, 24 April 1971, page 66.

note (1) in page 27 ECE, ‘The Economic Survey of Europe in 1970’, Part II, chapter 1, page 56.

note (1) in page 35 National Institute Economic Review no. 55, February 1971, pages 67-69.

note (2) in page 35 Opinions differed as to whether ‘coordination’ could accommodate a bigger revaluation by West Germany than by other countries because of the higher priority which it gives to price stability.

note (3) in page 35 German farmers were already receiving special compensation (partly from national and partly from Community sources) for the reduction in their earnings which resulted from the previous revaluation, while French farmers have not yet had their prices raised to the extent of the 1969 devaluation. Now payments in national currencies to Dutch and German farmers are to be left unchanged (with the help of a levy/subsidy arrangement at the borders when either currency is 2 1/2 per cent or more above the former parity).