The economic background [December 1994]

McDonald, Ronnie (1994) The economic background [December 1994]. Quarterly Economic Commentary, 20 (2). pp. 1-3. ISSN 0306-7866

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The upturn in the growth of the world economy, which commenced in 1991, has continued unabated through 1994 and it seems set fair to continue into 1995, and beyond. For example, recent calculations by the International Monetary Fund (in their World Economic Outlook) suggest that the overall growth in world output will be 3 per cent in 1994, while their projections for 1995 are for a growth rate of 3.5 per cent, double the rate of 1990-1993. Furthermore, it is anticipated that the world economy will recover its average 1970-93 growth rate in the final quarter of 1994.