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Chapter II. The World Economy

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  • Anonymous

Abstract

The recession had probably reached its trough by the middle of the year. Total output in the United States hardly changed in the second quarter and the industrial component began to rise slightly in June, while in Japan industrial production has been increasing since March. On the other hand it now appears that in a number of other industrial countries, notably France and West Germany, output in the early months of the year was substantially lower than we suggested in May and the decline in OECD's aggregate GDP will probably be of the order of 2–2½ per cent for 1975 as a whole. In 1976 we now expect an increase of nearly 5 per cent.

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  • Anonymous, 1975. "Chapter II. The World Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 73, pages 25-40, August.
    • Handle: RePEc:cup:nierev:v:73:y:1975:i::p:25-40_3
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