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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

For the OECD area as a whole total output probably rose in 1983 by 2¼ per cent, while the unemployment rate, though rather higher overall than in 1982, declined considerably during the year and the average rate of consumer price inflation was down to less than 5½ per cent from 7¾ per cent in 1982. This means that from every important economic aspect the year was a much better one for the industrial countries than we expected twelve months ago.

Type
Articles
Information
National Institute Economic Review , Volume 107 , February 1984 , pp. 28 - 46
Copyright
Copyright © 1984 National Institute of Economic and Social Research

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References

note 1 in page 30 Banca Commerciale Italiana, The Italian Economy: monetary trends, no. 25, December 1983.

note 2 in page 30 R. W. R. Price and J. C. Chouraqi, ‘Public sector deficits: problems and policy implications’, Economic Outlook Occasional Studies, June 1983; OECD Economic Outlook 34, December 1983, pp. 32-37.

note 1 in page 33 For the UK the fall shown in OECD data (Main Economic Indicators, January 1984, p.18) is, however, partly due to changes in the basis of recording.

note 1 in page 35 Prices in this section are quoted in US dollars unless otherwise indicated.

note 1 in page 40 It is likely that earnings from services arc under-estimated (see National Institute Economic Review, no. 105. August 1983, p. 22).