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World Economic Survey 1979-1980

Current Trends in the World Economy

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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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The current world economic situation: Some salient features and policy implications

1979 was a year in which a number of disquieting trends were evident in the international economy, and the strains produced by these trends will almost certainly intensify in 1980. Four overriding and interdependent events characterize the present situation: the weakening in the pace of economic advance in most countries and particularly in developed economies; the intensification in price inflation that pervades all economies; the more than doubling of the price of crude petroleum between the end of 1978 and the early months of 1980; and the large swings in the current account balances of oil-exporting and oil-importing countries.

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