The Economic Situation: Annual Review

Chapter Igives a brief general account of economic developments during 1967. It then discusses the prospect to mid-1969; it accepts the stated Government objective of a 4 per cent growth in national output through 1968 and 1969, and makes an estimate of the Budget requirements. (The appraisal of policy is included here.) There is then a section on the medium-term prospect up to 1972.Chapter IIdiscusses incomes policy.Chapter IIIadds some background to the details of demand.Chapter IVis the annual production chapter—including an attempt to derive from the general economic forecast a view about the prospects for different industries.Chapter Vgives the world background.The increase in output in 1967 was little more than 1 per cent. During the year—from the fourth quarter of 1966 to the fourth quarter of 1967—the growth in output may have been somewhat greater, perhaps approaching 1 3/4 per cent; for it seems fairly certain, in the light of the movement of unemployment and industrial production that output must have recovered in the fourth quarter.