Recent trends in the developed market economies

The recovery that began in the United States of America in 1971 continued throughout 1972, gathering strength not only in North America but also in Western Europe and Japan. As a result, the year-to-year growth in the developed market economies as a group — at 5.6 per cent — was well above the long-term average and, indeed, was the highest recorded since 1968. While the main impulse came from the United States, where gross production in 1972 was 6.U per cent above the 1971 level, Japan and most of the countries of Western Europe regained much of the buoyancy that had been lost in 1971. Outside of North America, however, only a few of the smaller countries around the European periphery achieved a 1972 expansion above their longer-run growth rate.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Climate Action