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Chapter II. The World Economy

Published online by Cambridge University Press:  26 March 2020

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Extract

The world economic outlook continues, in the eyes of most observers, to be dominated by the oil situation. It is clear that in May we were over-optimistic as regards both shortages and prices. Nevertheless some of the gloom that has been generated still seems to us rather excessive.

Type
Articles
Information
National Institute Economic Review , Volume 89 , August 1979 , pp. 24 - 37
Copyright
Copyright © 1979 National Institute of Economic and Social Research

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References

Note (1) page 25 OECD, Economic Outlook 25, July 1979, page 59. The estimate is the result of a mechanical calculation and does not allow for possible confidence effects.

Note (2) page 25 Deutsche Bundesbank, Monthly Report, June 1979, page 7.

Note (1) page 28 It is assumed here and in the following sections of this chapter that exchange rates will not change except that the value of the deutschemark in terms of other currencies will be raised by 5 per cent at the end of September.