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

During 1980, there was a decided deterioration in the performance of the world economy. The growth of world output, which had declined from h.6 per cent in 1978 to 3.8 per cent in 1979, dropped to 2.2 per cent in 1980. Moreover, deflationary forces are still predominant in the world economy and output is expected to weaken further during most of 1931. Poor economic performance was widespread during the past 12 months, with no major group of countries or geographical area escaping. Developing countries experienced a significant decline in the pace at which output advanced, with growth rates falling to 3.9 per cent in 1980. The sharpest decline in performance, however, occurred in the developed market economies where the rate of growth of output fell to 1.5 per cent. In the centrally planned economies, including China, the rate of growth of output declined somewhat to 3.1 per cent.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Climate Action