Summary [October 1977]

Bell, D N F and Danson, M W and Duignan, J and Glassford, M E and Kirwan, F X and McGilvray, J W and Simpson, D R F and Wingfield, Alison A. (1977) Summary [October 1977]. Quarterly Economic Commentary, 3 (2). p. 30. ISSN 0306-7866

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The general picture is one of a faltering recovery, the consequence in many countries of an excessive depression of aggregate demand by monetary, fiscal and incomes policies. Only in the United States has there been a strong revival of business fixed investment. There, the recovery appears to be reasonably well established, and the rate of growth of total output is expected to be of the order of 5% annually in both 1977 and 1978. A summary of the Scottish economic outlook is also provided.