The international environment

Quarterly Bulletin 1994 Q3
Published on 01 September 1994
  • Economic activity has strengthened in France, Germany and Japan, but recovery is likely initially to be modest and large output gaps will remain.
  • Inflation has continued to fall in most major countries. But a number of forward-looking indicators such as commodity prices and, in the United States, high capacity utilisation point to some upward pressure on future inflation.
  • Despite higher activity and lower inflation, financial markets have continued to be volatile in recent months. Bond yields have risen further and the dollar has weakened.

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