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Chapter II. The World Economy

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  • Barrell, R.J.
  • Gurney, Andrew

Abstract

The overall outlook: longer-term prospects The second half of the 1980s has seen relatively strong, and rising growth in most of the major seven economies. This performance has been accompanied by a slow increase in the average rate of inflation. This combination was aided by the fall in world oil prices in 1986 and weak commodity prices. Only toward the end of the decade did strong growth begin to put pressure on commodity prices, and then only temporarily because of stock shortages of metals and minerals. The world economy was also operating with some degree of spare capacity in 1986 and 1987, allowing a period of sustained non-inflationary growth.

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. 130, pages 23-42, November.
    • Handle: RePEc:cup:nierev:v:130:y:1989:i::p:23-42_3
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