Economic Survey 1982

The indications are that there will be no real recovery in the international economy in 1982 and the growth rate of less than 1 per cent in the major industrialized market economies as a group implies some further worsening of unemployment in those countries. Inflation will be less this year and could have repercussions on average interest rates but the USA has not yet resolved its budgetary problem so tha t its financing requirement by loan from the rest of the economy may still result in the continuation of high interest rates.