Chapter V. The World Economy

1968 ◽  
Vol 43 ◽  
pp. 49-67
Keyword(s):  
World Economy ◽  
Industrial Country ◽  
West Germany ◽  
Total Output ◽  
Major Industrial Country ◽  
Industrial Countries ◽  
Slowing Down ◽  
Industrial Expansion ◽  
The World ◽  
National Output

Economic growth in the industrial countries was less in 1967 than in any year since 1958. Their industrial production rose by only about 2 per cent and their total output by about 3 per cent. The slowing down was most marked in North America and West Germany, but Japan was the only major industrial country to maintain (and indeed improve upon) the previous year's rate of industrial expansion or to achieve a significantly bigger increase in total national output.

Chapter II. The World Economy

1975 ◽  
Vol 73 ◽  
pp. 25-40
Keyword(s):  
United States ◽  
Industrial Production ◽  
World Economy ◽  
The United States ◽  
West Germany ◽  
The Other ◽  
Total Output ◽  
Industrial Countries ◽  
Other Hand ◽  
The World

The recession had probably reached its trough by the middle of the year. Total output in the United States hardly changed in the second quarter and the industrial component began to rise slightly in June, while in Japan industrial production has been increasing since March. On the other hand it now appears that in a number of other industrial countries, notably France and West Germany, output in the early months of the year was substantially lower than we suggested in May and the decline in OECD's aggregate GDP will probably be of the order of 2–2½ per cent for 1975 as a whole. In 1976 we now expect an increase of nearly 5 per cent.

Chapter II. The World Economy

1984 ◽  
Vol 110 ◽  
pp. 27-39
Keyword(s):  
North America ◽  
World Economy ◽  
Western Europe ◽  
West Germany ◽  
Total Output ◽  
Slowing Down ◽  
The World ◽  
The Uk

In Western Europe GDP appears to have fallen in the second quarter, mainly because of the strikes in West Germany and the UK. Growth in North America and to a lesser extent in Japan was slowing down but still fast enough to keep the total output of the OECD area on its upward course. For the first half of the year this was probably about 2½ per cent up on the second half of 1983 and 5 per cent up on the first half.

Chapter II. The World Economy

1984 ◽  
Vol 107 ◽  
pp. 28-46
Keyword(s):  
Unemployment Rate ◽  
World Economy ◽  
Average Rate ◽  
Economic Aspect ◽  
Total Output ◽  
Price Inflation ◽  
Industrial Countries ◽  
The World

For the OECD area as a whole total output probably rose in 1983 by 2¼ per cent, while the unemployment rate, though rather higher overall than in 1982, declined considerably during the year and the average rate of consumer price inflation was down to less than 5½ per cent from 7¾ per cent in 1982. This means that from every important economic aspect the year was a much better one for the industrial countries than we expected twelve months ago.

Chapter II. The World Economy

1971 ◽  
Vol 56 ◽  
pp. 22-35
Keyword(s):  
United States ◽  
North America ◽  
World Economy ◽  
Western Europe ◽  
The United States ◽  
Oecd Countries ◽  
Industrial Countries ◽  
Slowing Down ◽  
The World ◽  
Real Growth

Developments in the world economy have on the whole been much as we predicted in February. It is becoming increasingly clear that renewed expansion is under way in the United States at a pace which, even if it falls short of the Administration's hopes, is more than compensating for the slowing down in industrial countries outside North America. This deceleration has become quite marked in Japan as well as Western Europe, but we expect a faster pace to be resumed before the end of the year. We still put real growth in OECD countries at around 4 per cent in 1971, unless there is a prolonged steel strike in the United States. This compares with about 2½ per cent last year, and we expect the rising trend to continue into 1972.

Chapter II. The World Economy

1967 ◽  
Vol 41 ◽  
pp. 17-27
Keyword(s):  
United States ◽  
Industrial Production ◽  
World Economy ◽  
The United States ◽  
Economic Situation ◽  
West Germany ◽  
Industrial Countries ◽  
The World ◽  
Trading Partners

The economic situation among the industrial countries has been developing less favourably than we envisaged in May. In the second quarter there seems to have been only a modest recovery in output in the United States and a further decline in West Germany. The sluggishness of demand in these two countries is having repercussions on the economies of some of their chief trading partners, and for the industrial countries as a whole there was probably little change in industrial production in the second quarter.

Chapter 2. The World Economy

1968 ◽  
Vol 44 ◽  
pp. 18-31
Keyword(s):  
Economic Growth ◽  
North America ◽  
World Trade ◽  
World Economy ◽  
Western Europe ◽  
Industrial Countries ◽  
Rapid Economic Growth ◽  
The World ◽  
National Output ◽  
Parallel Acceleration

Fuller information confirms the estimates which we made six months ago and repeated in February that the total real national output of the industrial countries increased in 1967 by about 3 per cent and the value of world trade by 5 per cent. But, though the errors were not big in relation to the aggregate for the year, it has now become clear that our assessment of trends in the later months was not entirely accurate. The resumption of fairly rapid economic growth in North America of which we were already aware was in fact accompanied to a significantly greater extent than we previously realised by a parallel acceleration in continental Western Europe.

Chapter II. The World Economy

1969 ◽  
Vol 50 ◽  
pp. 24-39
Keyword(s):  
United States ◽  
World Economy ◽  
Western Europe ◽  
The United States ◽  
The Other ◽  
Industrial Countries ◽  
The Third ◽  
The World ◽  
National Output ◽  
Substantial Rise

There was another substantial rise in output in industrial countries between the second and third quarters. But during the third quarter the deceleration of economic growth in the United States became more marked and showed signs of spreading to Canada and Western Europe. Developments have been broadly consistent with our August forecast and we still expect the aggregate national output of the industrial countries to be higher by about 4½ per cent in 1969 than it was in 1968 and to rise by another 3-4 per cent in 1970. It now looks as though we were rather too optimistic about prospects in the United States, where the increase is unlikely to exceed 3 per cent this year and may not reach 2 per cent in 1970. On the other hand growth in Western Europe is still tending to surpass expectations. Despite the Italian strikes it will probably be over 5½ per cent this year; and it may exceed 4½ per cent in 1970.

The Economic Situation: Annual Review : Chapter V. The World Economy

1970 ◽  
Vol 51 ◽  
pp. 59-84
Keyword(s):  
Economic Growth ◽  
World Economy ◽  
Economic Situation ◽  
West Germany ◽  
Annual Review ◽  
Industrial Countries ◽  
Upper Limit ◽  
The World

Contrary to general expectations at the beginning of the year, real economic growth in the industrial countries in 1969 was not far below the recent average. Last February we predicted that the rise in their combined national outputs would be 4-4½ per cent. It now looks as though it may have been slightly above the upper limit of this range, owing in effect to the unforeseen rapidity of growth in France and, more especially, West Germany, where the increase appears to have been about 8½ per cent, compared with the official German forecast of 4½ per cent and our own figure of 5½ per cent.

Chapter II. The World Economy

1971 ◽  
Vol 58 ◽  
pp. 16-33
Keyword(s):  
Economic Growth ◽  
United Kingdom ◽  
North America ◽  
World Economy ◽  
Oecd Countries ◽  
West Germany ◽  
Upward Trend ◽  
Industrial Countries ◽  
The United Kingdom ◽  
The World

Economic growth in the industrial countries fell short of our expectations during the summer, particularly in Japan and Italy and to a lesser extent in West Germany. Despite the resumption of growth in the United Kingdom and a firmly upward trend of production in North America, the aggregate output of the OECD countries increased only slowly and for the year as a whole the rise in their GNP may not reach 3½ per cent in real terms.

Chapter II. The World Economy

1975 ◽  
Vol 74 ◽  
pp. 22-38
Keyword(s):  
Government Spending ◽  
World Economy ◽  
Western Europe ◽  
The United States ◽  
Final Demand ◽  
Considerable Extent ◽  
West Germany ◽  
Total Output ◽  
Industrial Countries ◽  
The Third

After levelling out in the second quarter the total output of the industrial countries increased quite sharply in the third. The rise was, however, heavily concentrated in the United States. Production has begun to increase also in Japan and Canada and, more recently, in France and West Germany. But it has become increasingly clear that in the smaller countries of Western Europe the main impact of the recession had to a considerable extent been delayed rather than avoided. So far, moreover, the recovery in the major countries has depended heavily on the reduction or reversal of the previous liquidation of stocks and on high rates of government spending. There appears as yet to be only a very limited revival in final demand for consumer goods and still little immediate prospect of a recovery in business fixed investment. So long as this remains true, confidence that a fairly rapid rate of growth will be sustained for the next year or two must be tempered with caution.

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