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The world economy [September 1990]

Love, Jim and Ashcroft, Brian and Dourmashkin, Neil and Draper, Paul and Dunlop, Stewart and Lockyer, Cliff and Magee, Lesley and Malloy, Eleanor and Monaghan, Claire and McGregor, Peter and McNicoll, Iain and McRory, Eric and Perman, Roger and Stevens, Jim and Swales, Kim and Love, Jim (1990) The world economy [September 1990]. Quarterly Economic Commentary, 16 (1). pp. 4-7. ISSN 0306-7866

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Abstract

The early part of 1990 saw continued slowing of economic growth in the major industrialised countries. GDP growth in the top seven industrialised nations (the G7) was just 0.5% in the first quarter, the same as the final quarter of 1989. For the year to March G7 GDP growth slowed to 2.4% compared with 3.3% for calendar year 1989. The most rapid slowdown occurred in the US where 3.0% growth in 1989 fell to 2.1% in the year to March. Overall G7 growth would have been considerably lower had it not been for increases in the growth rates of West Germany (4.3%) and Japan (5.5%). Growth rates for the remaining G7 countries (excluding Italy) were as follows: Canada 2.2%; France 2.5%; UK 1.8%. Global macroeconomic trends are examined as well as labour market conditions.