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Tuesday, 16 November 1976


Mr LYNCH -The honourable gentleman would do well not to believe and accept as fact all that he reads in the newspapers. I have seen some imaginative writing about matters which are asserted to have come recently from the OECD. I am informed that these reports are completely without foundation. The facts are that the OECD secretariat has been reviewing its forecasts for the purposes of the Economic Policy Committee meeting which will be held later this month. The Committee will consider those forecasts and the OECD will then publish a revision of the forecasts, if such a revision is required, some time in December. I understand that the reports emanate from some leakage from the OECD secretariat. I am informed that the forecasts do not indicate any suggestion of recession, and any talk along those lines is therefore complete nonsense.

What the forecasts do suggest, for the information of the honourable gentleman, is a slightly lower rate of growth of economic activity in comparison with previous forecasts which are a matter of public record. They go on to suggest that the overall picture is one of sustained economic growth throughout 1977. I understand that the forecasts of the Secretariat imply a slightly faster rate of growth in the last half of 1977 than in the current half year. I assure the honourable gentleman, having been present at the OECD meeting in June of this year, that what the Government is undertaking in its economic strategy was endorsed not only by the OECD at the June meeting but also at the more recent International Monetary Fund- World Bank meeting in Manila.







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