The world economy [June 1991]

Love, Jim and Ashcroft, Brian and Brooks, Richard and Dourmashkin, Neil and Draper, Paul and Dunlop, Stewart and Lockyer, Cliff and Malloy, Eleanor and Monaghan, Claire and McGregor, Peter and McNicoll, Iain and McRory, Eric and Perman, Roger and Swales, Kim (1991) The world economy [June 1991]. Quarterly Economic Commentary, 16 (4). pp. 3-5. ISSN 0306-7866

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    This brief article provides an analysis of key world economic trends based on recent data. In the calendar year 1990, GDP growth in the G7 countries was 2.3%, compared with 2.8% in the year to June 1990. As has been the pattern for over a year, growth was sluggish in all the main industrialised countries with the exception of West Germany and Japan. The English-speaking countries have been particularly slow in terms of economic growth, with the United States, Canada and UK all exhibiting annual growth of no more than 1%. Individual country growth rates are as follows: Canada 0.9%; US 1.0%; Japan 5.6%; France 2.8%; Germany 4.6%; Italy 1.8%; UK 0.8%. The rapid slowing of many economies is most evident in terms of industrial production. In the final quarter of 1990 there was a marked slump in OECD industrial production, which achieved just 0.3% growth for the year, compared with 2.6% during the year to September.