The elusive world recovery

The world economy remained in the grip of recession during 1982 and is only now beginning in a few places to show some signs of recovery. The unexpectedly severe contraction in demand that ensued from the anti-inflationary policies set in train by major industrial countries in 1979 and 1980 had brought about a sharp curtailment in the growth of world production and trade in 1981, and the deflationary impact of such policies was aggravated in 198 2. In the developing countries as a group, output failed to increase for the first time in the post-war period. During the year, the recessionary conditions in fact spread to embrace a number of the energy-exporting developing countries which, in preceding years, had been centres of growth in the world economy. In the developed market economies as a group, total output actually contracted in 1982. In the centrally planned economies, economic growth remained positive but at the greatly moderated pace of the preceding year.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Climate Action