International economic developments

At the end of 1983, the outlook for the world economy was less than bright, despite widespread expectations of an impending recovery, strengthened by continuing favourable trends in the economy of the United States of America for over a year and a considerable increase in its pace during the second half of 1983. The growth impulse provided by the United States economy was, however, not yet strong enough to provide a firm assurance either of its durability in the United States or of the possibility of its spread to other developed countries, especially those in Europe. Critical questions regarding the speed of the recovery of the world economy and the length of the upswing still remained unanswered. Indeed, if a strong recovery were to be delayed much longer, the pessimists’ forecasts of the current weak upturn merging into another recession could well be proved right.

Sustainable Development Goals:

Decent Work and Economic Growth

Reduced Inequalities