Although the contraction in world industrial activity - the most severe since the thirties - continued in the first quarter, it seems probable that the low point of the recession has now been reached. Output in this country has been about stable this year so far, at a level , however, slightly below the plateau reached in 1973; the degree of economic slack appears less great than in other industrial countries, though it may now be about as large as in the winter of 1971/72.
Published on
01 June 1975
Economic commentary