Chapter III. The World Economy

Anonymous

National Institute Economic Review, 1978, vol. 84, 35-56

Abstract: The growth of output in the industrial countries continues to lag behind their oflicial targets and our own expectations (see the appendix). More complete data confirm our February estimate that aggregate production in the OECD area increased by only about 3½ per cent in 1977, leaving unemployment higher at the end of the year than at the beginning in all major countries other than the United States. Even allowing for measures of fiscal stimulation in most of the major countries we do not expect much change in either 1978 or 1979. Growth should be rather faster in Western Europe (particularly this year in the United Kingdom and next year in France, Italy and some of the smaller countries), but we expect these accelerations to be roughly balanced by progressively smaller increases in output in the United States.

Date: 1978
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