Chapter II. The World Economy

Simon Wren-Lewis and Fiona Eastwood

National Institute Economic Review, 1987, vol. 121, 21-39

Abstract: Scarcely a year ago there was a good deal of discussion about whether the collapse in oil prices would bring about a boom in the world economy. Now there is widespread talk of a world recession. In both cases speculation is likely to prove unfounded. Recent pessimism has been associated with the effects of the dollar's depreciation and lower OPEC demand for manufacturing imports. We argue below that, while both factors could lead to a temporary slowdown in the aggregate level of world activity, they should not lead to a major world recession.

Date: 1987
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