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 III. The World Economy

1978 ◽  
Vol 84 ◽  
pp. 35-56
Keyword(s):  
United States ◽  
United Kingdom ◽  
World Economy ◽  
Western Europe ◽  
The United States ◽  
Complete Data ◽  
Aggregate Production ◽  
Industrial Countries ◽  
The United Kingdom ◽  
The World

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.

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

1991 ◽  
Vol 137 ◽  
pp. 24-44
Author(s):  
Andrew Gurney ◽  
Ray Barrell
Keyword(s):  
United States ◽  
United Kingdom ◽  
Economic Performance ◽  
Growth Rates ◽  
World Economy ◽  
The United States ◽  
The United Kingdom ◽  
The World

In the course of the last 2 years economic performance in the major 7 economies has become less synchronised. In 1988 GNP grew by more than 3.5 per cent in all seven economies, with growth rates either at or close to cyclical highs. However for 1991 we expect negative GNP growth for Canada and the United Kingdom, negligible growth in the United States, growth of around 1.5 per cent in France and Italy, and of over 3 per cent in Germany and Japan. Table 1 shows that GNP growth in the major 7 economies is expected to slow to 1.2 per cent in 1991. Chart 1 highlights the different responses among the major 4 economies.

Cross-Cutting Themes in Major Article IV Consultations

Policy Papers ◽  
2009 ◽  
Vol 09 ◽  
Author(s):  
Keyword(s):  
United States ◽  
United Kingdom ◽  
Euro Area ◽  
Capital Flows ◽  
World Economy ◽  
The United States ◽  
Policy Responses ◽  
The United Kingdom ◽  
The World ◽  
Cross Country

This paper is part of a broader on-going effort to bring a more cross-country perspective to bilateral surveillance, taking advantage of a cluster of Article IV consultations with five systemically important economies concluded in July. With the five economies—the United States, the Euro area, China, Japan, and the United Kingdom—accounting for two-thirds of global output and three quarters of capital flows, the nature of linkages and consistency of policy responses across the systemic five (S5) has important implications for the world economy.

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.

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 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

1991 ◽  
Vol 136 ◽  
pp. 34-59
Author(s):  
Andrew Gurney ◽  
Jan Willem In't Veld ◽  
Ray Barrell
Keyword(s):  
United States ◽  
Monetary Policy ◽  
United Kingdom ◽  
Interest Rates ◽  
World Economy ◽  
The United States ◽  
National Accounts ◽  
Short Term ◽  
Percentage Points ◽  
The World

GNP growth in the major seven economies continues to decline from the cyclical peak reached in 1988. The latest national accounts statistics show that all major seven economies are now growing more slowly than they did last year, with the United States, United Kingdom and Canada in recession. This slowdown in activity appears to have been caused primarily by the tightening of monetary policy that occurred between 1988 and 1990. Short-term interest rates rose by 4.4 percentage points in Germany between 1987 and 1990, by 3 percentage points in Japan between 1987 and 1990, and by 2.2 per cent in the United States between 1987 and 1989.

Chapter I. The World Economy

1980 ◽  
Vol 92 ◽  
pp. 6-17
Keyword(s):  
United States ◽  
United Kingdom ◽  
World Economy ◽  
General Rule ◽  
The United States ◽  
Oecd Countries ◽  
The United Kingdom ◽  
The World ◽  
Important Exception

In the early months of the year the trend of output in OECD countries was still apparently upward—sharply upward in Japan and Italy—with the United Kingdom probably the only important exception to the general rule. There was, however, a growing number of indications that production was running ahead of demand and consumers' expenditure ahead of real disposable incomes. It seems increasingly clear that a period of readjustment must be expected and in the United States it appears to have begun, though otherwise it is little easier than it was three months ago to assess its likely timing, duration or extent. Our own view is that it is imminent but will be neither protracted nor severe.

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.

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