Chapter V. World Economy

Anonymous

National Institute Economic Review, 1977, vol. 79, 69-95

Abstract: In the recent atmosphere of gloom over the state of the world economy it is interesting to find that our forecast of the growth of output in OECD countries in 1977 is virtually the same as it was a year ago (at 4–4 1/2 per cent in real terms), while growth in 1976 appears to have been above our expectations (5–52 per cent compared with 4 1/2 per cent). Moreover our forecasts last February were not at the time regarded as particularly pessimistic either in terms of the prospect which they held out or in relation to the expectations of other observers. OECD, for example, had predicted only 4 per cent (on unchanged policies).

Date: 1977
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