World Economic Survey 1978

According to World Economic Survey 1978, the pace of world economic activity weakened in 1978. In developing countries, in particular, the trends towards lower rates of growth in output observed since 1975 were accentuated. The developed market economies continued to grapple with problems of insufficient recovery in productive investment. In the centrally planned economies, growth was restrained by external imbalances and international bottlenecks, especially in the energy and transport sectors.