World Economic Survey 1985

Current Trends and Policies in the World Economy

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The crucial role of international trade in reinforcing global demand was evident in 1984, as the growth of world output gradually regained the pace of the late 1970s. Yet the geographical spread of the recovery remained limited, and economic growth in half of the developing countries was still so low that income per capita either continued to fall or stagnated. This uneven recovery, its sources and the policies conditioning its transmission, as well as its short-term prospects, are the focus of the World Economic Survey 1985.



Introduction: The world economy at mid-decade

The significant expansion of world output and international trade that took place in 1984 is giving way to more modest rates of growth in 1985 and the prospect of a further deceleration in 1986. A new cyclical upturn may then follow, although the timing and strength of such an upturn is extremely difficult to forecast. What seems likely is that the average rate of world economic growth for the middle years of the decade will be more than twice the rate of the period 1980-1983. While this is a much welcomed recovery from the worst international recession of the post-war era, it falls short of global needs. The middle years of the decade will continue to be characterized by unusually high rates of unemployment and still inadequate progress against world poverty.


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