The international situation

Before examining developments within the ESCAP region it is necessary to survey briefly the major events in the world economy which strongly influence affairs in developing countries. By postwar standards, the performance of the world economy in 1974/75 was considerably below a level consistent with the attainment of the objectives of the Second United Nations Development Decade. During 1974 and throughout 1975 the world economy experienced not only an unprecedented slow-down in the level of economic activity but, in the case of several major industrial economies, an actual decline in output accompanied by unusually high levels of unemployment. At the same time, although abated, the severe inflation of 1972 and 1973 continued during the recession of 1974/75. One major consequence of the recession in industrial countries was the inevitable spread of its effects to the developing countries from the middle of 1974.

Sustainable Development Goals:

Decent Work and Economic Growth

Reduced Inequalities