Suchergebnisse

The individual in international law — Aliens — Position of — Treatment by and responsibilities of the receiving State — Repudiation by Government of Agreement with foreign company — Whether arbitrary confiscation of property or compulsory acquisition without compensation — The law of JamaicaState responsibility — Nature and kinds of — For taking of, or interference with, property — Expropriation — Contract of guarantee between Government and foreign company — Undertaking by Government not to increase taxes or royalties payable by company — Repudiation of contract by Government — Whether amounting to arbitrary confiscation of property or compulsory acquisition without compensation — The law of Jamaica

For the OECD area as a whole total output probably rose in 1983 by 2¼ per cent, while the unemployment rate, though rather higher overall than in 1982, declined considerably during the year and the average rate of consumer price inflation was down to less than 5½ per cent from 7¾ per cent in 1982. This means that from every important economic aspect the year was a much better one for the industrial countries than we expected twelve months ago.

It is always difficult to distinguish the trend of output in the early months of the year, as much depends on the weather. This year, it seems fairly clear that relatively mild conditions in January in a number of countries, notably the US and West Germany, contributed significantly to recovery both in industrial production and, more especially, in construction from the depressed levels of the previous quarter. But it is not possible to isolate this influence on the statistics from that of falling interest rates or as yet to judge how far it may have been balanced, in terms of the first quarter as a whole, by unseasonably cold weather later on. Gratification at what seems on the face of it to have been an encouraging start to the year must be tempered by reservations about its reliability as an indication of what is to follow.

Expected twelve months ago to be a year of slow but continuing recovery, 1982 proved in the event to be one of stagnation, at a level of output, for the OECD countries, slightly lower than that of 1981. Hopes for rather better things had been based in part on stock movements and in part on some minor policy relaxations. In fact, however, the self-perpetuating influences of slow growth in the preceding years proved to be stronger than the self-reversing ones.