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The World Economy

Section I. Recent economic developments

Published online by Cambridge University Press:  26 March 2020

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Extract

Global economic activity strengthened considerably in the first half of this year, helped by a rebound in trade volumes and a marked recovery in industrial production. Although the rapid growth experienced in the early part of the year has faltered, there was still broadly-based, if somewhat subdued, growth in activity in all the major economies in the second quarter of the year, with GDP rising by between 0.3-0.6 per cent in the US, the UK, the Euro Area and Japan. For the year as a whole we continue to expect global GDP growth (measured at Purchasing Power Parity exchange rates) to be around 2¾ per cent, which whilst below long-term trend levels, would be a welcome improvement on the growth of under 2¼ per cent seen in 2001.

Type
Articles
Information
National Institute Economic Review , Volume 182 , October 2002 , pp. 8 - 36
Copyright
Copyright © 2002 National Institute of Economic and Social Research

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References

Notes

1 See Ahearne, A. et al (2002), ‘Preventing deflation: lessons from Japan's experience in the 1990s’, Federal Reserve International Finance Discussion Paper No. 729, available at: http://www.federalreserve.gov/pubs/ifdp/2002/729/ifdp729.pdf

2 See Estimated Costs of a Potential Conflict with Iraq, available at: ftp://ftp.cbo.gov/38xx/doc3822/09-30-Iraq.pdf