Word: oecd
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Dates: during 1960-1969
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There had been fears that last year's tough but necessary measures taken to deflate the economies of the major industrial nations-including the U.S., Britain and Germany-might go too far, turning a mild downturn throughout much of the West into a crippling recession. Not so, says OECD. The average growth rate of production in the OECD's 21 free-world member nations, which hummed along at a healthy 6% in the latter half of 1965, slowed to about 3% by the end of 1966, may come out to a barely perceptible 2% in the first half...
Consumer demand in Britain will rise "fairly strongly," in part because of the end of the statutory wage "freeze" this month. And even though Germany's downturn has been steeper than anyone expected, the OECD sees a "moderate recovery" in the second half. In turn, the recoveries will tone up the flagging economies of small countries such as Sweden, Denmark and The Netherlands, which depend heavily on exports to Britain and Germany...
...tonic is expected to come from the U.S. Blaming the sluggish U.S. economy on a delayed reaction to last year's tight money policy, the OECD sees "a quite sharp pickup, particularly in the later months" of 1967. There are, of course, uncertainties: should lagging production severely crimp corporate profits and personal paychecks, a revival will be long in coming. If all goes well, the OECD countries can expect that "at least by the end of this year, a more normal rate of growth will have been resumed, which should then continue into...
...pleading "special hardships" involved in nursing its war-shattered industrial base back to health. But the pleas sound hollow now that Japan is the world's sixth-ranked industrial nation. And since Japan in 1964 joined the prestigious Organization for Economic Cooperation and Development, the 23-member OECD "club" has made it clear that the Japanese should begin reciprocating in the international exchange of capital...
...Working Party III is a special and highly influential sub-committee of the 21-nation Organization for Economic Cooperation and Development (OECD), an offspring of Western Europe's Marshall Plan cooperation. It is composed of both government officials and central bankers from Europe and the U.S. The subcommittee passes on the creditworthiness of governments and, in cooperation with the BIS, runs a continual "surveillance" of the international monetary system. Its great power comes from the fact that its decisions are usually accepted by the money-lending nations. Meetings: once every six weeks in Paris...