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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.

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Changes in economic balance

Though 1976 brought some moderation in the imbalances that had characterized the world economy in 1974–1975 s many of the underlying problems remained. Costs and prices continued to rise rapidly in most of the market economies and at the end of the year many ~ almost half the developed countries and over half the developing countries — were still suffering from what had come to be known as “double digit” inflation. At the same time unemployment was generally higher in 1976 than in 1975 and in almost half the developed market economies more workers were unemployed at the end of 1976 than at the beginning.

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