Memorandum: IDS Projections for 1972-1973

Projecting a year or more ahead is made difficult by the number of uncertainties and often differences between forecasts reflecting differences in assumption«, At present, as so often in the past, a principle problem is to forecast government fiscal and monetary policy. IDS does not report a final decision on the fiscal 1973 budget and does not mention the fiscal 1974 budget. They hope monetary policy will become less inflationary and mention a 5% rate of growth as a target.