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Published online by Cambridge University Press: 26 March 2020
The period of very rapid growth in the industrial world which had begun towards the middle of 1972 was over within a year. Between the first quarters of 1972 and 1973 the aggregate output of the OECD countries increased by about 7½ per cent. Since then, however, the rate of growth has probably been halved.
page 22 note (1) OECD, Economic Outlook 14, December 1973, page 33.
page 27 note (1) These are, of course, very crude calculations. In particular they imply uniform price movements for all primary commodities and for all manufactures. A more detailed analysis of the effects on individual countries of movements in primary product prices in National Institute Economic Review, no. 64, May 1973, pages 87-8, pointed, however, to a similar conclusion.
page 28 note (1) National Institute Economic Review, no. 63, February 1973, page 61.