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

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 II. The World Economy

1974 ◽  
Vol 70 ◽  
pp. 23-37
Keyword(s):  
United States ◽  
World Economy ◽  
Developed Countries ◽  
The United States ◽  
Oecd Countries ◽  
The Other ◽  
Industrial Countries ◽  
The World ◽  
World Economic ◽  
Economic Position

The world economic position and prospects have worsened further in the last three months. In the United States and Japan, in particular, recessionary conditions are proving to be more marked and more prolonged than we had expected, and it looks as though by the end of the year all the major industrial countries, with the possible exception of France, will have experienced at least one quarter in which output has fallen or at best shown no appreciable rise. The other developed countries have fared better, but we no longer expect there to be any growth of output in the OECD area either in the second half of the year or in the year as a whole. In 1975 the position should be rather better, at least by the second half. We expect OECD countries' aggregate GNP to grow by about 2 per cent year-on-year and nearly 3 per cent between the fourth quarters of 1974 and 1975.

The World Overseas

1965 ◽  
Vol 32 ◽  
pp. 22-32
Keyword(s):  
United States ◽  
Industrial Production ◽  
The United States ◽  
West Germany ◽  
Real Output ◽  
Rapid Rise ◽  
Industrial Countries ◽  
The United Kingdom ◽  
Actual Increase ◽  
The World

There was an increase of some 5 per cent in the real output of industrial countries between 1963 and 1964, but as far as Europe was concerned, much of the increase occurred during the second half of 1963. The actual increase during the year was only about 4 per cent (chart 7).Industrial production in the United States and Japan increased rapidly throughout the year, though at a somewhat declining rate. In Europe the pattern was more varied. Expansion was strong and accelerating in West Germany, but the rapid rise of the second half of 1963 was followed by stagnation in France and the United Kingdom and by an actual decline in Italy. Italian production began to recover towards the end of the year.

Chapter III. The World Economy

1976 ◽  
Vol 75 ◽  
pp. 33-63
Keyword(s):  
United States ◽  
United Kingdom ◽  
Industrial Production ◽  
World Economy ◽  
Good Deal ◽  
The United States ◽  
National Accounts ◽  
Industrial Countries ◽  
The United Kingdom ◽  
The World

The fall in output in the industrial countries in 1975 was substantially greater than we and most other observers foresaw a year ago.After big revisions of the national accounts for the United States, the fall in aggregate output in the member countries of OECD now works out a good deal smaller on our estimates than it did in November. But the final figure still seems likely to be close to 1¾ per cent, compared with our February forecast of ½ per cent. For industrial production we were much wider of the mark, the actual decline being 8–9 per cent as against the 2 per cent that we predicted. Geographically our error was heavily concentrated among the major European countries including the United Kingdom—on the latest figures we actually under-predicted United States output by a substantial amount—and it appears to have sprung from two main sources.

Chapter II. The World Economy

1967 ◽  
Vol 40 ◽  
pp. 14-25
Keyword(s):  
United States ◽  
United Kingdom ◽  
Industrial Production ◽  
World Economy ◽  
Western Europe ◽  
The United States ◽  
Fourth Quarter ◽  
West Germany ◽  
The United Kingdom ◽  
The World

The growth of world industrial production slowed down in the fourth quarter of last year and in spite of relatively mild weather in Western Europe there must have been an actual fall in the first quarter of 1967. The change of trend has been most marked in West Germany, but also has affected a number of other countries, including the United States and the United Kingdom.

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.

Chapter II. The World Economy

1969 ◽  
Vol 48 ◽  
pp. 21-30
Keyword(s):  
United States ◽  
Industrial Production ◽  
World Economy ◽  
The United States ◽  
Annual Rate ◽  
Industrial Countries ◽  
The World ◽  
Special Factors

The expansion of the world economy continues to exceed expectations, largely because last year's tax surcharge has failed to limit growth in the United States to the extent intended. World industrial production, adjusted for the effects of special factors (see below) rose at an annual rate of about 8 per cent between the second quarter of last year and the first quarter of this year, and the momentum is probably sufficient for an increase of at least 4½ per cent in 1969 in the combined national outputs of the industrial countries, although the rate of expansion may slow down considerably before the middle of next year.

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

1968 ◽  
Vol 45 ◽  
pp. 15-28
Keyword(s):  
United States ◽  
World Economy ◽  
Good Deal ◽  
The United States ◽  
European Countries ◽  
General Tendency ◽  
Downward Movement ◽  
Industrial Countries ◽  
The World ◽  
The Impact

The growth of production in the industrial countries seems to have been less rapid in the second quarter. It must be expected to slow down further under the impact of the measures taken in the United States to reduce the budgetary deficit. We still expect the rise in the combined national outputs of the industrial countries to be around 4½ per cent this year, but on present policies it may be no more than 3½ per cent in 1969 and a good deal less than this in the twelve months to mid-1969. Unemployment is still high by the standards of most recent years; its downward movement appears to have been checked again or even reversed in a number of European countries and its general tendency over the next twelve months is likely to be upward, particularly in the United States.

Chapter II. The World Economy

1976 ◽  
Vol 77 ◽  
pp. 33-49
Keyword(s):  
United States ◽  
Industrial Production ◽  
World Economy ◽  
Early Stage ◽  
The United States ◽  
Oecd Countries ◽  
The Third ◽  
The World ◽  
Trading Partners ◽  
To Come

It is now clear that output in the OECD countries rose even faster in the early stage of the recovery than we had previously supposed. Between the third quarter of 1975 and the first quarter of 1976 their aggregate GDP appears to have increased at an annual rate of 7 per cent and their industrial production at 12 per cent. By the second quarter, however, stock movements were probably making a substantially smaller contribution to the expansion of demand. The rate of growth of industrial production has slowed down considerably since the spring and the same is probably true of GDP, particularly in view of the effects of the drought on European agricultural output. By the second half of next year we expect the deceleration to become more pronounced in the major countries, particularly the United States. The smaller countries have, however, been lagging behind their bigger trading partners in the recent cycle and their phase of rapid recovery is probably yet to come. In all we expect OECD countries' aggregate GDP to increase in volume by 5½–6 per cent this year and 5 per cent in 1977.

Sign in / Sign up

Export Citation Format

Share Document