ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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LUXEMBOURG-The Emerging Ten

and 1968. The upward pressure remains intense, as in every other Western country, and for basically identical reasons. How could it be otherwise since hourly rates of wages have increased by 9 per cent in 1969, i e, at a pace 50 per cent more rapid than in the three years 1965 to 1967. Nobody hopes or expects to reduce the pace of wage in- creases since wages 'have been going up even faster in the United Kingdom, Italy, etc. ' Official optimism reflects itself in the stepping up of the estimated rate of growth for 1970 from four per cent last September to six per cent now. Even if it reaches five per cent onIy, after having increased by eight per cent in 1969. the achievement will have been impressive.

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