1945

The growth of output recorded in most countries in the region in 1972, together with numerous other recent indicators, confirm that a strong revival of economic activity in the area as a whole is now well under way, helped by expansionary policies. But despite rapid economic growth through 1972, unemployment has remained a problem in a number of countries. Apart from the typical lags between upswings in activity and increases in employment, unemployment figures seem to have been increasingly affected by structural factors. The difficulties of dealing with unemployment have been compounded by the inflationary trends in most western European economies. Present forecasts in this field are extremely uncertain in view of the momentum inflation has acquired and of the recent decisions in the region which aim at a significant slowing down of price increases. Present trends, if left unchecked, could become extremely disquieting.

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