World Economic Survey 1979-1980

Current Trends in the World Economy

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.