World Economic Survey 1976

Current Trends in the World Economy

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World Economic Survey 1976 reviews the main developments in the world economy in 1976 and the outlook for 1977. It summarizes the latest available data on world production and world trade and briefly examines the state of economic balance—internal, as revealed by changes in inflation and unemployment; and external, as revealed by changes in reserves, debt and exchange rates. As part of its overview of the world economy, the Survey also examines the most recent evidence of economic performance and problems in the developing countries.



The uncertain economic outlook

The policy dilemmas that have beset the principal market economies for most of the decade remained unresolved at the end of 1976. With prices and costs still rising rapidly — and in some countries beginning to accelerate again — most developed market economy Governments entered 1977 anxious to avoid any measures that might exacerbate the inflation. This was particularly true of those countries in which an external deficit was also a matter of serious concern.


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