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Chapter III. The World Economy

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  • Anonymous

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We said last February that 1980 would be a year of slow growth, rapid inflation and massive balance of payments deficit for most of the developed world. OECD countries' industrial production, which actually showed a marginal fall, was even lower than we expected. But their aggregate GDP growth of around 1¼ per cent seems to have been almost exactly in line with our prediction, as does their current balance of payments deficit of a little over $70 billion, while the rise of 13 per cent in their consumer prices was slightly greater than we forecast. The rise in the average price of oil ('of the order of at least 60 per cent' in our forecasts, 68 per cent in actuality) played a major part in these developments.

Suggested Citation

  • Anonymous, 1981. "Chapter III. The World Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 95, pages 46-68, February.
    • Handle: RePEc:cup:nierev:v:95:y:1981:i::p:46-68_4
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