WEST EUROPE-Facing the US - Japanese Challenge


WEST EUROPE Facing the US Japanese Challenge THE growth rate for OECD countries slumped from 1.2 per cent in, 1981 to -0.5 per cent in 1982. The fall has been particularly significant in the case of the US, the FRG and Canada, japan, though decelerating from its 1981 level, nevertheless struck up 2.5 per cent for 1982. As for France, although its GDP went up by 0.3 per tent in 1981i and by 1.5 per cent in 1982, OECD projections for it for 1983 are pretty pessimistic. Some recovery is expected in the US; lower interest rates, reduced taxation, military expenditure, and rebuilding of inventories seem to be doing their bit.