The international environment

Quarterly Bulletin 1993 Q3
Published on 01 September 1993
  • Output continued to rise in the United States in the second quarter; but the recession deepened in continental Europe.
  • Inflation pressures are subdued in the major economies largely reflecting weak demand. Weak income growth and high unemployment continue to depress confidence.
  • Trade imbalances are again becoming more pronounced, although changes in relative demand and competitiveness may even these out over the longer term.
  • Canada, the European Community, Japan and the United States reported to G7 leaders on a package of tariff cuts that could form part of a Uruguay Round agreement.
  • Short-term interest rates were cut slightly in Germany and more substantially in some other European countries, though exchange rate tensions recurred in late July.

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