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Chapter II. The World Economy

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  • Barrell, R.J.
  • Gurney, Andrew

Abstract

Our recent forecasts have warned of growing inflationary pressures in the world economy. The policy response to these has been robust, and interest rates have risen markedly over the last year; consequently there are now signs that inflationary pressures are receding. Chart 1 illustrates the recent interest-rate developments, and chart 2 recent and prospective inflation rates for the major 4 economies. Oil prices have weakened over the last three months, and commodity prices, especially those for metals and minerals, have been falling.

Suggested Citation

  • Barrell, R.J. & Gurney, Andrew, 1989. "Chapter II. The World Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 129, pages 22-37, August.
    • Handle: RePEc:cup:nierev:v:129:y:1989:i::p:22-37_3
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