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World Economic Survey 1974

Part Two: Current Economic Developments

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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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Foreword

The International Development Strategy for the Second United Nations Development Decade — adopted by the General Assembly in its resolution 2626 (XXV) of 2h October 1970 — calls for a biennial review and appraisal of performance and progress. The first of these assessments was made in 1973; the second — designated the “mid-term” review and appraisal — is to be carried out in 1975. The present report is designed to assist in this second examination of the way in which Governments are responding to the International Development Strategy. It presents an over-all analysis of economic and social performance in the developing countries and of implementation of the Strategy by the developed market economies and the centrally planned economies.

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