Chapter II. The World Economy

Abstract

Developments prior to devaluation had not greatly altered the position as it appeared to us in August. The fuller information now available confirms that there was little change in the second quarter either in industrial production or in the value of world trade. The check to the growth of trade, which continued into the early part of the third quarter, was, however, rather more severe than we had supposed, particularly in the case of industrial countries' trade with one another.