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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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The 1976 recovery in world production

After declining throughout 197^, the combined gross national product of the major developed market economies turned upwards in the second quarter of 1975 and continued to rise through 1976, though with diminishing vigour. The recovery in demand in the leading industrial countries provided some stimulus to growth in partner countries. The decline in production in the smaller industrial countries levelled off towards the end of 1975 and output began to rise again late in 1976* Reflecting the new upswing in demand for petroleum, mining production in the developing countries, which had fallen sharply in 1975, began to accelerate in 1976, as did manufacturing production. The recovery was reinforced by exceptionally good cereal harvests in the developing countries in 1975 and in the Soviet Union in 1976.

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