It gives me indeed very great pleasure to be in your midst this morning. It is indeed very gratifying to note that the Second Conference of the Econometric Society’s Regional Chapter for India and South East Asia is being held in Delhi. 2. Econometrics as a discipline has come a long way.
The stimulus to economic activity was blunted by the substantial increase in imports. The contribution of net exports to GDP growth was negative in both France and Italy. Italian economic growth picked up slightly in the first halt but remained significantly below the area average. Italian GDP growth followed the area-wide trend in decelerating between the first and second quarters.