The centrally planned economies

Economic conditions in the centrally planned economies of Eastern Europe and the Union of Soviet Socialist Republics proved more difficult in 1978 than anticipated, and development patterns diverged significantly from the national economic plans in most countries. The growth of output slowed to the lowest rate experienced in almost two decades, while aggregate claims on resources tended to expand faster than anticipated, which put strains on the state of internal and external balance. External conditions were not favourable for the implementation of policies aimed at reducing trade deficits, especially in trade with the market economies. Export growth slowed down markedly, in spite of efforts to stimulate export production. Import expansion, on the other hand, accelerated and the over-all trade deficit of the region again increased significantly.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Climate Action