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World Economic Survey 1973

image of World Economic Survey 1973

Part one: Population and Development. This report is the twenty-fifth in a series of comprehensive reviews of world economic conditions published by the United Nations. On the occasion of the World Population Year (1974), part one of World Economic Survey 1973 examines the recent interrelationships between demographic change and the process of socio-economic development. Part two: Current Economic Developments, presents and overview of world production and trade and analyses the three main features of the global economic scene in 1973—the rise in commodity prices, the world food situation and the world energy situation. It also examines the recent economic developments affecting the supply and use of resources and the state of internal and external balance in the world.

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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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