Word: inflationitis
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Dates: during 1960-1969
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Throughout its remarkable postwar prosperity, Western Europe has reacted fast to fight inflation. Lately, it may have overreacted: with country after country splashing cold water on overheated economies, icicles have started forming. After clipping along at a 5.6% pace in 1964, the Continent's overall economic growth rate dropped...
The measures have had the desired cooling effect-and then some. In West Germany, industrial production rose by only 1.7% in all of 1966, and not at all in the last three months of the year. With business investment declining sharply, German unemployment jumped to 673,000 (or 3.1%) this...
∙BELGIUM. With its obsolescent coal industry ailing and unemployment on the rise, Belgium expects to see its growth rate dip as low as 2% this year, v. 3.5% in 1966. At the same time, the country continues to be plagued by inflation and hefty government expenditures.
∙ITALY. Toughened by its 1964 slump, the Italian economy expanded last year (growth rate: 5.3%) with less inflation than it has had in years. The auto industry produced a record 1,366,000 cars; steel production increased by 8% while most European steelmakers were in decline. One danger is...
∙THE NETHERLANDS. Because of sharp inflation and a mounting balance-of-payments deficit, the central bank has introduced hardfisted monetary policies. The result: the economy is cooling off considerably. Responding to the slowdown, local governments have started putting unemployed Dutchmen to work on public projects.