Review of the quarter's economic trends [October 1978]

Bell, David N. F. and Hart, S. and Kirwan, Frank X. and McGilvray, James W. and Morton, A. J. and Simpson, David R. F. and Wingfield, Alison A., Fraser of Allander Institute (1978) Review of the quarter's economic trends [October 1978]. Quarterly Economic Commentary, 4 (2). pp. 1-6. ISSN 0306-7866

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    Abstract

    It now appears that growth in the world economy this year is unlikely to exceed that of 1977. In effect the improvement in the growth performance of the major European economies has been offset by a slowdown in the American economy. In retrospect, the buoyant conditions of the second quarter in both the United States and some of the larger European economies may have been due primarily to the aftermath of severe weather and to a recovery from the effects of industrial disputes than to any self-sustaining revival in activity. The OECD in its most recent Economic Outlook remained pessimistic about growth and inflation prospects in the light of decreasing fiscal stimuli and a return to more inflationary wage settlements.