Chapter II. The World Economy

Anonymous

National Institute Economic Review, 1983, vol. 105, 19-28

Abstract: There is no doubt now that the turn of the year was also a turning-point for the world economy, the low point for OECD countries' aggregate industrial production coming in December. In all seven major countries total output rose in the first quarter (if the official seasonal adjustments are to be believed), whereas in all but Japan it had fallen in the final quarter of 1982. But an increasingly marked contrast has emerged between rapid recovery in North America, where economic growth in the US reached an annual rate of 8½ per cent in the second quarter, and what seems to be little better than stagnation after an early weather-assisted spurt in continental Western Europe. Japan and the UK occupy an intermediate position.

Date: 1983
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