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The world economy [March 1989]

Ashcroft, Brian and Love, Jim and Brooks, Richard and Dourmashkin, Neil and Draper, Paul and Dunlop, Stewart and Harrigan, Frank and Heeley, John and Lockyer, Cliff and Malloy, Eleanor and Monaghan, Claire and McGregor, Peter and Perman, Roger and Stevens, Jim (1989) The world economy [March 1989]. Quarterly Economic Commentary, 14 (3). pp. 1-4. ISSN 2046-5378

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Abstract

Growth in the world economy remained strong at the end of last year producing an outturn of around 4% for 1988 as a whole. By the turn of the year there were indications that the down-turn expected in 1989 was already starting to occur in some countries. Yet indications that growth in the world economy may be turning down have not been sufficient to dampen inflationary pressure, nor expectations of a deterioration in inflation rates during 1989. Monetary and fiscal policy have been tightened in several key countries in response to inflationary expectations. This general tightening of policy is expected to contribute to a lowering of world economic growth during 1989 to around 3% and to a moderation of inflation in 1990, but will do little to accelerate the removal of the world's financial imbalances.