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World Economic Survey 1988

Current Trends and Policies in the World Economy

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The growth of gross world product in 1987 was slightly above 3 per cent. Short-term trends indicate that the world economy will continue to expand during the next two years, but at a lower rate. The period ahead will be one in which multilateral institutions and traditional economic relations will be pit on a major test.

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The international oil market

For almost the whole of 1987, international oil prices remained within a narrow range of $17 to $18 a barrel, higher than the average price of approximately $14 a barrel in 1986 but well below the price of $28 a barrel which had prevailed in the previous three years. Oil demand continued to increase, although at a lower rate than in 1986.

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