Chapter II. The World Economy

Anonymous

National Institute Economic Review, 1982, vol. 99, 29-50

Abstract: High real interest rates and high rates of unemployment were the main characteristics of the world economy in 1981, with relatively low growth rates as the link between them. Rates of inflation moderated.Since the huge increases in oil prices during 1979 gave a fresh and powerful upward twist to the inflationary spiral, the chief priority of governments in most OECD countries has been to get this turning down again. To this end they have followed strict monetary policies and fiscal policies which despite big budgetary deficits in some countries would be restrictive on a full-employment basis.

Date: 1982
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