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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 19, 1974, Lethbridge, Alberta TuMday, February W4-THf LITMBWDOB HEKALD-t OECD survey Canadian economy report impressive LONDON (CP) The per- formance of the Canadian economy during the last 12 months has been impressive and it is likely to be far less affected than most others by the dramatic reductions in oil supplies with accompanying high prices, says the Organization for Economic Co-operation and Devel- opment The Paris-based OECD, in its annual economic survey of Canada, concludes that a com- bination of investment promo- tion, full capacity growth and manpower policy may serve to ease unemployment below 5.5 per cent of the labor force in the coming year, as well. But it says the bright picture tends to obscure a number of disquieting problems which remain unsolved. t. The first of these, says the 24-country organization, is the persistently-high rate of unemployment which is still running above 5.5 per cent. Although Canada's business outlook for 1974 was much stronger than in most OECD countries, "it is rather unlikely that Canada will survive a continuation of the international oil supply shortage without any negative repercussions on the employment situation and real output." The report stresses, however, that adept economic management by the government should be able to offset these negative factors to a large degree. The OECD says inflation is also a major concern in the Canadian economic picture. Between 1955 and 1973, Canadian consumer prices rose at an annual average rate of 2.7 per cent, or 1.5 percentage points less than the average for European and other overseas countries. But most of this advantage was lost in the latter part of this period "and "with a year- on-year increase of the con- sumer price index of 7.6 per cent in 1973, the loss of price stability, at least in relative terms, has been as pronounced as in most other OECD countries." A degree of price acceleration was normal during the course of the current strong business upswing but "the present rate of inflation is clearly out of line with earlier cyclical ex- perience." The report says the sharp rise in world prices, notably of food and other commodities, has been a major factor behind the recent increase in inflation in Canada. "But this observation should not obscure the fact that this external influence has been superimposed on a longer-term trend towards higher cost and price increases." The OECD notes that between the third quarters of 1972 and 1973, import prices of food and raw materials rose by 34 per cent and 22 per cent, respectively. Prices of domestic goods, too, had been dnven upwards indirectly by competitive effects from the foreign trade prices of similar or competing products. in addition, given Canada's role as a major exporter of food and raw materials, there was a consequent sudden increase in overseas earnings which added to the inflationary push. But the government had also contributed to rising prices by some of its policies appeal I Many cities in Canada will be having special blood clinics in the weeks ahead to help blood users like 7-year-old hemophel- lac Martin Botts, here get- ting an injection of opre- cipitate at Toronto's Hos- pital for Sick .Children. Although the clotting sub- stance is free in Canada, it would cost almost million a year to supply Toronto's 250 hemophel- iacs with the extract if they lived in some parts of the U.S. where u'ood is not free. Kind words for Canada in report BRUSSELS rCP) Kind words for Canada are included in the general report of the European Common Market on its activities in 1973. The report, published Tues- day, referred to the economic community's relations with Canada, especially in the mat- ter of multilateral negotiations about the General Agreement on Tariffs and Trade The document said there is a large measure of agreement between the community and Canada on the direction which the multilateral trade negotiations must take if they are to succeed. Canada's open-minded ap- proach to trade liberalization can be relied upon to make a constructive contribution to these talks the report added. The report made reference to the attention given to Common Market-Canadian bilateral relations during 1973, including the possibility of industrial co-operation and the need to work out a more orderly supply of Canadian agricultural products, raw materials and energy products which the community needs. No controls planned on paper exports OTTAWA (CP) With paper companies planning to reduce exports of fine papers this year, the government is not contemplating controls on exports, official sources said Monday. Following complaints from book publishers that supplies are inadequate, the industry department has been told by major paper companies that exports will be cut to divert more paper to domestic users. Exports totalled about tons last year, 25 per- cent higher than in 1972. Domestic shipments were about tons. Sources said the government did not hold tie threat of export controls over the paper companies" heads when the firms were canvassed this month on their plans But "they felt a commitment" to reduce exports because physical capacity limits total production increases. Officials also said that al- though supplies of fine Papers are "going to be quite most standard grades and weights will be available in sufficient volumes. Publishers' associations have complained that exports have been increasing at a time when they have been unable to buy enough paper. Returns to: NOW thru February 23rd 9 a.m. 9 p.m. Daily SHOP INSIDE AT NopqmMs 'til April 15th 328-0174 328-3912 328-8726 Til April IM ;