1945

Recent economic developments and emerging policy issues in the ECAFE region, 1972/73

The world economy in 1972/73 was marked by a number of strong developments. First, world production experienced an upsurge in 1972: world output growing by 5.5 per cent. This rate of growth was higher than that recorded on average during the 1960s and considerably exceeded the 3.75 per cent annual average growth rate attained during 1969-1971. Current indications suggest that this recovery will continue throughout 1973, although the impact of measures aimed at dampening increases in aggregate demand and the effect of the reduction of world oil supplies on aggregate output make predictions difficult.

Related Subject(s): Economic and Social Development
Sustainable Development Goals:
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