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World Economic Survey 1979-1980

Current Trends in the World Economy

image of World Economic Survey 1979-1980

World Economic Survey 1979-1980 observes that the present world economic situation is characterized by a slow pace of economic advance in most countries, which is expected to weaken further in the coming months, particularly in developed market economies. This is accompanied by high rates of price inflation (which are pervading all economies) and substantial changes in the pattern of current-account balances, occasioned principally by the doubling of the price of oil between the end of 1978 and the early months of 1980.

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Adjustment policies in developing countries: Selected issues

The current international economic situation is characterized by pervasive inflation, a slow-down in economic growth, the growing balance-of-payments pressures facing most developing countries, and widespread uncertainties. These developments, which represent an intensification of tendencies that have been evident in most countries for a number of years, have required urgent and strenuous efforts on the part of the developing countries to adapt their economies as best they can to the new situation. In effect, two interrelated but distinct sorts of adjustment are called for: current-account balances must be brought more completely under control and in some cases deficits must be reduced; and imbalances in the domestic economy and attendant inflationary pressures must be mitigated.

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