The world economy [April 1978]

Bell, David N. F. and Danson, Michael W. and Glassford, M. E. and Kirwan, Frank X. and McGilvray, James W. and Morton, A. J. and Wingfield, Alison A., Fraser of Allander Institute (1978) The world economy [April 1978]. Quarterly Economic Commentary, 3 (4). pp. 1-2. ISSN 0306-7866

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The more detailed and disaggregated data now available confirm that 1977 was indeed a year of stagnating industrial production and rising unemployment in the major world economies with the exception of Japan and the United States. It was the year of the financial "recovery" not just in Britain, but also in Italy and France. The contractionary stance of both fiscal and monetary policy in late 1975 and through 1976 had the expected effects on financial variables.