Summary [January 1976]

Telford, Richard, Fraser of Allander Institute (1976) Summary [January 1976]. Quarterly Economic Commentary, 1 (3). pp. 1-2. ISSN 0306-7866

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Prospects for the world economy have greatly improved in the last few months. The key to this recovery lies in the United States, which experienced rapid growth during the second half of 1975. Simultaneously, the rate of price inflation slowed to an annual rate of just under 8%, and the US secured a substantial balance of payments surplus. Although the present situation and the short-run outlook - inevitable consequences of general UK experience during the present cycle of recession - are gloomy, analysis of Scotland's relative performance in this recession provides some grounds for optimism.