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World Economic Survey 1975

Fluctuations and Development in the World Economy

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World Economic Survey 1975 takes a closer look at the fluctuations and development in the world economy in the first half of the 1970s. The 1971-1975 period was one of great instability in which short-term problems and emergencies tended to pre-empt the attention of policymakers. The Survey also looks ahead to the second half of the decade and the efforts needed to restore more stable growth and improve the national and international division of labour and distribution.

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Problems and prospects for the second half of the decade

Developments in the world, economy in the second half of the 1970s are likely to be influenced as much by the traumatic events of the first half of the Decade as by longer-term trends in the production and use of resources. The opening of the second half of the decade finds major developed market economies pulling themselves out of the steepest and deepest recession since the early 1930s, with levels of unemployment that are generally regarded as intolerably high, but at the same time with prices still rising at unacceptably rapid rates as earlier increases are absorbed in costs and transmitted through the system. Most of the Governments concerned are preoccupied with the problem of devising a combination of economic policies that would help to stimulate production and employment without weakening the efforts being made to control the inflationary process.

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