Chapter II. The World Economy

1983 ◽  
Vol 106 ◽  
pp. 26-38
Keyword(s):  
North America ◽  
Industrial Production ◽  
World Economy ◽  
Western Europe ◽  
West Germany ◽  
The Us ◽  
The World ◽  
The Uk ◽  
A Minor ◽  
Minor Extent

The recovery in the OECD area gathered pace in the second quarter, when its total GDP probably increased by as much as 1 per cent. The rise was, however, heavily concentrated in North America and particularly the US. There may well have been a slight fall in Western Europe, where the level of industrial production hardly changed and increases in gross product in West Germany and, to a minor extent, in France were outweighed by falls in Italy and (according to the expenditure measure) the UK.

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 109 ◽  
pp. 21-32
Keyword(s):  
World Economy ◽  
West Germany ◽  
Sustained Growth ◽  
The Us ◽  
The World ◽  
The Uk

The growth of US GNP, which in the first quarter was responsible for the greater part of an increase of the order of 1½ per cent in the output of the whole OECD area, slowed down somewhat in the second quarter but it was still exceptionally fast. With the help mainly of sustained growth in Japan it probably kept total OECD output growing, despite the depressing effects of major strikes in West Germany and the UK. The deceleration in the US mainly reflected a reduction in stockbuilding, which in the first quarter had made the biggest contribution to the growth of demand both there and in West Germany and France.

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

1983 ◽  
Vol 104 ◽  
pp. 21-31
Keyword(s):  
Interest Rates ◽  
Industrial Production ◽  
World Economy ◽  
West Germany ◽  
Cold Weather ◽  
Mild Conditions ◽  
The Us ◽  
The World ◽  
The Face

It is always difficult to distinguish the trend of output in the early months of the year, as much depends on the weather. This year, it seems fairly clear that relatively mild conditions in January in a number of countries, notably the US and West Germany, contributed significantly to recovery both in industrial production and, more especially, in construction from the depressed levels of the previous quarter. But it is not possible to isolate this influence on the statistics from that of falling interest rates or as yet to judge how far it may have been balanced, in terms of the first quarter as a whole, by unseasonably cold weather later on. Gratification at what seems on the face of it to have been an encouraging start to the year must be tempered by reservations about its reliability as an indication of what is to follow.

Chapter II. The World Economy

1983 ◽  
Vol 105 ◽  
pp. 19-28
Keyword(s):  
Economic Growth ◽  
World Economy ◽  
Western Europe ◽  
Turning Point ◽  
Total Output ◽  
Marked Contrast ◽  
The Us ◽  
The World ◽  
The Uk ◽  
Better Than

There is no doubt now that the turn of the year was also a turning-point for the world economy, the low point for OECD countries' aggregate industrial production coming in December. In all seven major countries total output rose in the first quarter (if the official seasonal adjustments are to be believed), whereas in all but Japan it had fallen in the final quarter of 1982. But an increasingly marked contrast has emerged between rapid recovery in North America, where economic growth in the US reached an annual rate of 8½ per cent in the second quarter, and what seems to be little better than stagnation after an early weather-assisted spurt in continental Western Europe. Japan and the UK occupy an intermediate position.

Chapter II. The World Economy

1985 ◽  
Vol 114 ◽  
pp. 33-45
Keyword(s):  
North America ◽  
World Economy ◽  
Western Europe ◽  
Severe Weather ◽  
Annual Rate ◽  
Recent Information ◽  
The Us ◽  
The World

More recent information confirms the impression which we formed in August about the course of output in the OECD area in the first half of the year. In the exceptionally severe weather experienced in parts of North America and Western Europe in the first quarter GDP was barely higher than it had been in the final quarter of 1984, and the second brought only a modest rebound. In the first half-year output increased at an annual rate of little more than 2 per cent, compared with about 3½ per cent for the previous six months. Slower growth in the US and stagnation of output in France and Germany were largely responsible.

The World Economy

1997 ◽  
Vol 159 ◽  
pp. 28-56
Author(s):  
Julian Morgan ◽  
Nigel Pain ◽  
Florence Hubert
Keyword(s):  
World Trade ◽  
World Economy ◽  
Fiscal Consolidation ◽  
The Third ◽  
The North ◽  
External Demand ◽  
The Us ◽  
The World ◽  
World Economic ◽  
The Uk

There are now widespread signs that activity in the world economy has begun to recover steadily from the pause in growth apparent at the beginning of 1996. Output rose by 0.6 per cent in the North American economies in the third quarter of last year and by 0.8 per cent in Europe. Business and consumer sentiment has improved gradually in recent months in most of the major economies. We expect world economic growth to pick up further over the course of this year as the contractionary effects from the downturn in world trade and prolonged inventory adjustment come to an end and as the effects from a more relaxed monetary stance begin to outweigh those from ongoing fiscal consolidation. Recent currency movements should help to stimulate external demand in Germany, France and Japan, but may act to constrain growth within the UK, Italy and the US. For both this year and 1998 we expect growth of around 2½ per cent per annum in the OECD economies.

Chapter II. The World Economy

1974 ◽  
Vol 68 ◽  
pp. 46-64
Keyword(s):  
Economic Growth ◽  
United Kingdom ◽  
World Economy ◽  
Western Europe ◽  
Full Employment ◽  
Balance Of Payments ◽  
West Germany ◽  
The United Kingdom ◽  
The World ◽  
Policy Objectives

We remarked in our last issue : ‘It is not often that a government finds itself confronted with the possibility of a simultaneous failure to achieve all four main policy objectives—of adequate economic growth, full employment, a satisfactory balance of payments and reasonably stable prices.’ In the context this applied specifically to the United Kingdom, but the possibility is becoming increasingly real for the greater part of Western Europe, with West Germany the most obvious exception, and even for Japan it is less remote than it might quite recently have seemed.

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

1989 ◽  
Vol 128 ◽  
pp. 20-39
Author(s):  
R.J. Barrell ◽  
Andrew Gurney
Keyword(s):  
Industrial Production ◽  
World Economy ◽  
Commodity Prices ◽  
Oil Prices ◽  
Short Term ◽  
Developed Country ◽  
Policy Responses ◽  
The Us ◽  
The World ◽  
Early Indicators

Our February forecast suggested that developments in the short term would be dominated by fears of accelerating inflation and policy responses to them. This has indeed been the case. In Japan, Germany and the US wholesale prices have begun to rise relatively rapidly. Although commodity prices, especially of metals and minerals and of developed country foods, have fallen in recent weeks, at least in dollar terms they remain high and oil prices appear to have hit temporary peaks at the beginning of the quarter. These developments are the result of demand pressure. Our equations for real commodity prices, which were reported in the August 1988 issue of the Review, do have rather strong influences from world industrial production in then. As commodity prices are more timely than figures for demand and output they have often been early indicators of rising demand and we believe that they are currently, and correctly, filling this role.

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