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.

The World Economy

1992 ◽  
Vol 139 ◽  
pp. 27-45
Author(s):  
R. Anderton ◽  
R. Barrell ◽  
G. Caporale
Keyword(s):  
World Economy ◽  
Consumer Confidence ◽  
Recent Information ◽  
The Third ◽  
The Us ◽  
The World ◽  
The Uk

The US, the UK and Canada all experienced recessions in 1991, whilst in Germany and Japan activity began to slow markedly. Most commentators, including the Institute, underestimated the length and severity of the recessions being experienced by the UK and the US. Data for the third and fourth quarters, along with recent information on expectations and on consumer confidence, have caused us to revise down both our estimate of growth experienced in 1991 and our forecast for growth in 1992. The summary details of our forecast are given in table 1.

The World Economy

2003 ◽  
Vol 185 ◽  
pp. 9-16
Keyword(s):  
Latin American ◽  
Euro Area ◽  
World Trade ◽  
World Economy ◽  
Oil Industry ◽  
Private Sector Investment ◽  
Percentage Points ◽  
The Us ◽  
The World ◽  
Dollar Depreciation

The outlook for world growth this year has deteriorated since April, due to a sharp contraction in world trade in the first quarter of the year and failure to sustain the revival in private sector investment seen in the fourth quarter of 2002. We have as a consequence revised our projections for world growth this year down by ¼ percentage point. This reflects sharp downward revisions of ½–¾ percentage points in the Euro Area and Canada, both of whose exchange rates have continued to appreciate in effective terms, while the outlook for the US and Japan is broadly unchanged. Growth in Japan and the Euro Area stagnated in the first half of 2003, with recessions in Germany, Italy, the Netherlands and Austria appearing likely. The US and Canada, on the other hand, continued to expand, albeit more slowly than in the second half of 2002. Following two years of exceptional weakness, Latin American growth has started to revive, although Venezuela is still suffering from the 2 month stoppage in the oil industry earlier this year and Argentina has lost competitiveness due to a strong appreciation against the dollar. Growth has slowed in several Asian economies, notably South Korea, but China continues to expand rapidly, spurred by the competitiveness impact of the dollar depreciation and infrastructure preparations for the 2008 Olympics. This has helped sustain export growth from the rest of Asia despite the more widespread slowdown in world trade.

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.

The ET column. Will Chinese take over from English as the world's most important language?

English Today ◽  
2010 ◽  
Vol 26 (4) ◽  
pp. 3-4 ◽  
Author(s):  
David Graddol
Keyword(s):  
Energy Consumption ◽  
The West ◽  
Absolute Size ◽  
Us Economy ◽  
The Us ◽  
The World ◽  
World Economic ◽  
Global Language ◽  
The Uk ◽  
China’S Economy

Whenever I've given a lecture on the future of English, the question I am most frequently asked is ‘Will Chinese take over from English as the global language?’. With China's economy continuing to grow fast, whilst those of the west slow down in recession, China has been rising up the world economic rankings and has overtaken other economies faster than predicted. It seems no time since it overhauled the UK economy to become the world's number 4 (2005), and then Germany (2007) to become number 3. During the summer of 2010 it edged past Japan to become the world's second largest economy. It may take another 20 years to overtake the US economy in absolute size, though it may already have become the world's largest exporter (overtaking Germany), and has already overtaken the US in energy consumption. Next year, China is expected to take over from the US as the world's largest manufacturer – a position the US has held since it overtook the UK in the late 1890s.

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.

At a Glance…

2010 ◽  
Vol 212 ◽  
pp. F2-F2
Keyword(s):  
Euro Area ◽  
World Trade ◽  
World Economy ◽  
Chinese Economy ◽  
List Type ◽  
Us Economy ◽  
The Us ◽  
The World

The world economy will expand by 3.9 per cent in 2010 and 3.8 per cent in 2011.World trade will increase by 9.6 per cent this year and 5.7 per cent in 2011.The Chinese economy will grow by 9.8 per cent in 2010 and 9 per cent next year.Japanese GDP will expand by 2 per cent this year and 1.5 per cent in 2011.The US economy will grow by 2.9 per cent in 2010 and 2.7 per cent next year.The Euro Area will expand by 1.2 per cent this year and 1.8 per cent in 2011.

The World Economy: The impact of rising oil prices and weak equity markets on global growth

2008 ◽  
Vol 205 ◽  
pp. 8-13
Author(s):  
Ray Barrell
Keyword(s):  
Central Bank ◽  
World Economy ◽  
Financial Innovation ◽  
Oil Prices ◽  
Output Growth ◽  
Sequence Of Events ◽  
The Us ◽  
The World ◽  
The Uk ◽  
The Impact

In interesting times several things may happen simultaneously, and they may have connected roots. The financial turmoil that developed initially in the US banking sector had its roots in financial innovation that had made available cheap finance and increased demand for housing. This wave of low cost finance had spread to Europe, and house prices rose in a correlated way. The increase in demand in the world economy that resulted from strong growth in lending and high asset values helped raise output growth outside the OECD, and this in turn put upward pressure on oil prices. Markets sometimes work slowly, and the effects of the increase in demand on prices appear to be coming through just as the asset bubble is collapsing. The sequence of events was not inevitable, as low personal sector saving in the US and the UK as well as elsewhere could have been offset by tighter fiscal policy, and better prudential regulation of lenders would also definitely have helped. The desire to move financial regulation from the central bank, as in the UK, may have been for good, competition based, reasons, but it has meant that financial sector oversight has not taken account of the macroeconomic implications of a wave of lending that rested on risky financial innovation and therefore it has not properly addressed the issue of systemic risk (see Barrell and Davis, 2005). The resulting financial turmoil has meant that banks have made losses, and have been unable to trust each other's solvency when making deals. As a result three month interbank rates have risen well above central bank intervention rates, as can be seen in figure 1.

Prospects for the global economy to end-2019

2019 ◽  
Keyword(s):  
United States ◽  
Fiscal Policy ◽  
World Trade ◽  
Global Economy ◽  
World Economy ◽  
The United States ◽  
Content Type ◽  
The Us ◽  
The World

Subject Prospects for the global economy to end-2019. Significance The world economy is likely to grow by around 3% this year. This is the lower end of the 3.0-3.5% range expected six months ago. World trade is weakening amid the US-China conflict and productivity is not picking up. China is expanding fiscal policy and others may follow, perhaps Germany and the United States. Monetary tightening is off the table and some countries may loosen policy. However, this will mainly shore up growth rather than raising it.

Disciplining the Hegemon

2021 ◽  
pp. 138-163
Author(s):  
Julian Germann
Keyword(s):  
Foreign Exchange ◽  
World Economy ◽  
Carter Administration ◽  
Organized Labor ◽  
Japanese Investment ◽  
External Pressures ◽  
The Us ◽  
The World ◽  
Anglo American ◽  
The Uk

This chapter argues that in order to protect its export model from the dangers of imported inflation, Germany strove to commit the US to monetary and fiscal rigor. To this end, German officials blocked the attempts of the Carter administration to organize a global Keynesian expansion, and scaled back their foreign exchange interventions in support of a weakening dollar. Both actions helped push the US into the Volcker Shock, which deflated the world economy and launched the attack on organized labor. The chapter concludes that the neoliberal experiment in the US, paralleled and reinforced by similar attempts in the UK, was late and lucky. Rather than the outcome of a decade-long domestic shift—seamless and sealed off from the world outside the Anglo-American heartland—the neoliberal counter-revolution was driven in part by the external pressures imposed by Germany, and subsequently sustained by a bout of Japanese investment.

AT a Glance … The World Economy

2013 ◽  
Vol 223 ◽  
pp. F2-F2
Keyword(s):  
Interest Rates ◽  
Euro Area ◽  
World Trade ◽  
World Economy ◽  
List Type ◽  
The Us ◽  
The World

World growth remains below trend at 3.3 per cent in 2013 and 3.7 per cent in 2013, little changed from our previous forecast.World trade will only grow slightly faster, and again below trend.The Euro Area will grow only slightly next year, while Japan is forecast to grow by 1.4 per cent, the US by 2.4 per cent, and China by 7.3 per cent.Interest rates will remain extremely low by historical standards, and inflationary pressures will remain subdued.

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