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World Economic Survey 1974

Part Two: Current Economic Developments

image of World Economic Survey 1974

Part two of World Economic Survey 1974 analyses the salient features of world production and trade in 1974 compared with the earlier years of the Second United Nations Development Decade. It also deals in detail with the course of production and world trade, with problems of internal economic balance, including the acceleration of inflation in 1974 and the emergence of recessionary forces in the developed market economies. Finally, it examines the prospects for the world economy in 1975.

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Implementation of the international development strategy in the centrally planned economies

At the end of the First United Nations Development Decade the import markets of the Union of Soviet Socialist Republics and the socialist countries of Eastern Europe absorbed somewhat less than 5 per cent of the developing countries’ exports and supplied almost 7 per cent of their imports. Though representing only a small share of the third world’s total foreign markets, the network of trade ties between the two groups of countries had expanded substantially over the preceding decade and the volume of trade had grown at an average annual rate of more than 10 per cent, much faster than exports of the developing countries to other destinations. Absolut trade levels however were still relatively low: per inhabitant the Soviet Union imported about $7 worth of goods from the developing countries in 1970 and the Eastern European socialist countries about $12 — roughly one sixth of the per capita imports into the industrialized Western European countries.

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