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70 To sum up for 1978, allowing for some slowing
down in the growth of domestic demand and an increase
in the growth of exports, we expect the gross domestic
product to grow by about 10% in real terms
- a very
satisfactory performance by any standards. Competing demands
from the sectors catering for domestic activity and for
exports have resulted in further rapid growth in real
wages and earnings and virtually nil unemployment.
!
기
Turning now to the outlook for 1979, view on
demand in our major export markets are mixed. In the
United States the emphasis appears to be on countering
inflation, rather than further reducing unemployment,
and more cautious policies are likely to result. Recent
forecasts predict that the gross domestic product in the
United States in 1979 will grow at about 3% in real terms,
slightly more slowly than the 4% expected in 1978.
Conditions in the Federal Republic of Germany are quite
different. With a tendency towards growing unemployment,
a low inflation rate and a large trade surplus, pressures
Even so, there are mounting for the economy to be reflated.
present forecasts predict a growth of only about 2% to 3%
in real terms for 1979, much the same as the outcome
likely for 1978. As for the United Kingdom, the recovery
which started in 1978 should continue in 1979.
11