Word: oecd
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...issues, the ministers achieved compromise and consensus. For the first time in a decade, they agreed that inflation has slowed enough for many nations to relax restrictive policies and, in the face of stubbornly high unemployment rates, to make growth their top priority. To help revive international commerce, the OECD nations pledged to "dismantle" trade barriers and government subsidies that have shielded weak industries from foreign competition...
...Cooperation and Development, which comprises the world's 24 leading non-Communist nations, also issued a grim forecast, and on an even larger scale: a rise to $26 per bbl. would cut nearly 1% off its members' economic growth, reducing it to stagnation at best, and push OECD inflation up from an earlier projected 9% to at least 10%. Largely as a consequence of the oil increases, the organization now expects unemployment in its member nations to rise from just under 17 million to a full 20 million...
...nations into their worst economic slowdown since the first round of OPEC price gouging touched off the 1974-75 recession. So says the Organization for Economic Cooperation and Development in its semi-annual forecast covering 24 member nations of the industrial world. In the next twelve months, predicts the OECD, their economic growth will average 2%, down from 3.7% last year; their inflation will rise from 7.9% to 10%; and their unemployment may swell from 5.25% to 6%, a postwar record of 19 million people out of work in OECD countries...
...Elsewhere, performances will range from flat in Britain to a healthy 4.5% to 5% expansion in Japan. West Germany, Europe's trusty "locomotive," will slow to about 3%, while France will do well to reach 2.5%. Because of higher prices for oil, balance of payment deficits for the OECD countries will double, to $40 billion. Meanwhile, the combined surpluses of the OPEC cartel will also double, to $70 billion...
...report warns that any tinkering with the economy-such as a tax cut in the U.S. or further increases in West German interest rates-will only make the situation worse, and it advises policymakers to sit tight. Their main priority, the OECD advises, should be to reduce oil imports. Says John Fay, head of the OECD's economic department: "We have a long road of rather slow growth ahead...