The decade of the 1970s saw major external shocks to the economies of developing countries. Oil prices increased almost threefold in real terms in 1973–4, this was followed by a 9 per cent decline in real terms in 1975–8, and an increase of over 80 per cent in 1979–80. These events in energy markets were accompanied by a marked slowing-down of the rate of growth of industrial countries — a process which had started already in 1970–71. The growth rate of industrial countries averaged 3.3 per cent a year in the 1970s, down from over 5 per cent in the 1960s; there were major variations in annual growth rates both among countries in the group and for the group as a whole. Furthermore, there was a marked acceleration in inflation in industrial countries and it became common to talk about ‘double-digit’ inflation, as well as about ‘stagflation’.
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- Capital Requirements in Economic Development: The Decade Ahead
Francis X. Colaço
- Palgrave Macmillan UK
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