Newspaper article THE JOURNAL RECORD

Economies of 7 Nations Expected to Grow 4.25%

Newspaper article THE JOURNAL RECORD

Economies of 7 Nations Expected to Grow 4.25%

Article excerpt

MONTREAL - The economies of the seven leading industrialized nations are likely to grow 4.25 percent this year, the fastest since 1984, according to a new forecast by the International Monetary Fund.

Michel Camdessus, director general of the IMF, announced the upward revision in the output of goods and services, from 4.0 percent, as he said the rapid growth created a ``golden opportunity'' for the industrialized nations to open their markets to each other and to developing nations.

The forecast for growth in 1989 was also revised upward, to 3.25 percent from 2.9 percent.

``We are now in a good growth period,'' Camdessus told reporters late Monday in advance of a speech Tuesday at free-trade talks under auspices of the General Agreement on Tariffs and Trade.

The group of seven countries covered by the IMF forecast are the United States, Japan, Britain, France, West Germany, Italy and Canada.

The IMF has steadily raised its forecast for growth in the seven countries, from 3. …

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