Prospects for the world economy in the 1980's

Judged by the conventional measures of the growth of output and trade, of inflation and unemployment, the economic performance of the industrial countries has undergone a marked deterioration in recent years. It is now feared that a further deterioration could take place over the next decade leading to ever greater pressures within and between countries. In this Briefing Paper we attempt to measure the changes that have taken place, to identify their timing and the proximate causes. On the basis of recent developments and a historical perspective we try to judge the prospects for the 1980's.