1945

Recent economic trends in the developed market economies

The year 1973 saw a continuation of the vigorous expansion in economic activity that had begun in north America in 1971 and in Western Europe and Japan in 1972. In the second half of the year, however, there were signs of slackening in a number of countries: supply bottle-necks were becoming troublesome, increasing concern about the conseauences of the rapid rise in prices was being reflected in stronger anti-inflationary policies and in some cases the increase in demand for imports, combined with deteriorating terms of trade, was causing serious external imbalance. By the beginning of 1974, petroleum developments — particularly the fourfold increase in posted prices, compared with 12 months earlier — had replaced food problems as a major source of concern on the economic scene, exacerbating both the internal and the external balances in the developed market economies.

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