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Chapter II. The World Economy

General Trends

Published online by Cambridge University Press:  26 March 2020

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Extract

Expected twelve months ago to be a year of slow but continuing recovery, 1982 proved in the event to be one of stagnation, at a level of output, for the OECD countries, slightly lower than that of 1981. Hopes for rather better things had been based in part on stock movements and in part on some minor policy relaxations. In fact, however, the self-perpetuating influences of slow growth in the preceding years proved to be stronger than the self-reversing ones.

Type
Articles
Information
National Institute Economic Review , Volume 103 , February 1983 , pp. 30 - 49
Copyright
Copyright © 1983 National Institute of Economic and Social Research

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References

Note (1) page 32 OECD. Economic Outlook 32. December 1982. pp. 20-24.

Note (1) page 34 With 1981 GNP/GDP weights, giving an estimated rise in 1982 of only 8½-9 per cent (op. cit., pp. 41-2).

Note (1) page 39 These figures are calculated by averaging import and export statistics. As trade in manufactures was rising in the latter part of 1981 and falling in the latter part of 1982 and exports are recorded before imports, UN statistics for world exports of manufactures may well show a bigger fall than is suggested here for ‘trade’.

Note (1) page 42 The third quarter figures for 1982, which are not yet available, will probably show an even further imbalance in relative competitive positions of the US and Japan.

A correction has been issued for this article:

Corrigenda