Chapter II. The World Economy

Abstract

Production in the industrial countries has been increasing a little faster than we suggested in May—notably in the United States, where there was a sharp rise in the rate of economic growth in the second quarter. But our forecast of the growth in the aggregate real output of the members of OECD is still in the 5-5½ per cent range for this year. We put it a little higher for 1973, when we expect a slightly slower rate of expansion in North America to be outweighed by faster growth in Japan and Western Europe.