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The World Economy

Published online by Cambridge University Press:  26 March 2020

R. Barrell ,
R. Anderton ,
J. Morgan ,
N. Vaughan  and
J.W. in't Veld
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Extract

The World economy appears to be entering a period of sustained and widespread output growth after some years of recession in Europe and recovery in North America. Output actually fell in the EC as a whole in 1993. We are forecasting that OECD output will grow by around 2½ per cent in 1994, with output growth around 2 per cent in the EC and above 3 per cent in North America. The recovery in Europe is relatively widespread and we expect positive growth in all the major continental economies.

Type
Articles
Information
National Institute Economic Review , Volume 149 , August 1994 , pp. 30 - 52
Copyright
Copyright © 1994 National Institute of Economic and Social Research

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Footnotes

∗

We would like to thank Andrew Britton for helpful comments and Florence Hubert for statistical assistance. The forecast was prepared using our Global Econometric Model, NiGEM. The model is available from the Institute. It was developed by the Institute and is now jointly maintained with the London Business School. The forecast was completed on 5th August, 1994.