World Economic Survey 1981-1982

World Economic Survey 1981-1982 observes that economic expansion decelerated markedly throughout the world in 1981. The slowdown affected all major regions and groups of countries, independently of their level of development or economic structure. The deceleration was particularly intense in the developing countries, most of which experienced a significant fall in per capita income. The major factor behind the poor performance of the world economy was the recession in the Western industrial countries, where low growth caused a rise in unemployment, downward pressure on wages, and weakening primary commodity prices.