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Chapter II. The World Economy

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  • Gurney, Andrew
  • Barrell, Ray

Abstract

In the course of the last 2 years economic performance in the major 7 economies has become less synchronised. In 1988 GNP grew by more than 3.5 per cent in all seven economies, with growth rates either at or close to cyclical highs. However for 1991 we expect negative GNP growth for Canada and the United Kingdom, negligible growth in the United States, growth of around 1.5 per cent in France and Italy, and of over 3 per cent in Germany and Japan. Table 1 shows that GNP growth in the major 7 economies is expected to slow to 1.2 per cent in 1991. Chart 1 highlights the different responses among the major 4 economies.

Suggested Citation

  • Gurney, Andrew & Barrell, Ray, 1991. "Chapter II. The World Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 137, pages 24-44, August.
    • Handle: RePEc:cup:nierev:v:137:y:1991:i::p:24-44_3
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