Chapter IV. The World Overseas
Abstract
Chapter IV. The World Overseas SAGE Publications, Inc.1964DOI: 10.1177/002795016402700105 Introduction 1963 was a good year for world production and a very good year for world trade. Most industrial economies expanded quite strongly, and for the free world as a whole industrial production rose by about 5 per cent-not quite such a big rise as in 1962, but bigger than in 1961. The value of world trade increased very sharply, particularly in primary products : in the third quarter of 1963 trade was running at a level about 10 per cent higher than a year before, and there was probably another big rise in the fourth quarter. The outlook for 1964 is very favourable. Total output in the industrial countries might rise by about 5 per cent, compared with a 4 per cent rise in 1963 (table 27). This probably implies a 6-7 per cent rise in industrial production. Some industrial countries, notably France and Italy, are likely to have a worsening balance of payments, but on the whole the reserve position of such countries is strong, and restraining action is unlikely to be drastic enough to slow down growth very much. Many primary producing countries are well placed