[eng] Though Europe is indeed going through an activity slowdown, it could stand as the most dynamic area during the next two years. It will probably benefit from the opening of eastern Europe whereas the United States, still entangled in their twin deficits, are reaching the end of business...

[eng] The collapse of oil prices together with the depreciation of the dollar fail to bring the world economy back to its pre-oil shock situation. At the beginning of spring, the real price of oil is still twice what it was at the end of 1973. Besides, many decisions in the field of investment...

[eng] Economic developments have been less spectacular in Europe than in the United States over the past two years, but have probably laid firmer foundations for sustained growth. Strict fiscal policies have indeed resulted in the beginnings of a decline in structural deficits but have also...

[eng] The favourable impact on OECD countries of the decline of oil prices, amplified in most cases by the depreciation of the US dollar, have been long awaited for. Households have increased their savings rate before starting to spend their additional income. Entreprises, anticipating...

[eng] Inflation Under Control Département des diagnostics For more than a year, the main industrialised countries have enjoyed rapid economic growth and buoyant external trade. Investment has picked up everywhere, though not fast enough to prevent a surge in capacity utilization. Nevertheless,...

[eng] Initiated by the relaxation of moneraty policy of summer 1982, the american recovery has since been stimulated by fiscal measures and fuelled by foreign capital. In a moderately inflationist environment, private investment has improved following the recovery of profits. World imports will...

[eng] Many political shocks with economic consequences have occured since the beginning of last year. The most important for OECD countries have been the reunification of Germany, and the Gulf crisis followed by the war. Hence, economic activities have moved away from their paths. Reunification...

[eng] The gap between American and European growth rates vanishes. But there is little evidence that the old countries can go ahead in the near future. During the past three years American investors have done a lot. Housebuilding and the service sector fully benefited by it, but many...

[eng] Although it had similar causes all over the industrialised world, the slowdown did not occur at the same time everywhere. Most OECD countries, which follow a cyclical path, had experienced the turnaround before the invasion of Kuwait. The small supply shock of the Gulf crisis amplified the...

[eng] The tightening of monetary policy in industrialised countries from 1980 onwards is one of the causes of the subsequent slowdown in economic growth along with inflation and the reduction of international liquidity. This trend will continue in the near future. Despite a smooth reduction in...