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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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Outlook

The prospects for the world economy in the 12 months immediately ahead are much more uncertain than usual. The sheer size of the price changes that took place in 1972-1974 and of the imbalances that have emerged and the extraordinary coexistence of strong inflationary and recessionary symptoms have made the choice of economic policy mix extremely difficult in most market economies. And even where decisions have been made and specific measures enacted, the outcome is by mo means assured: cross-currents within countries and the impact of external events may have an even stronger influence on developments.

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