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International Monetary Fund

Abstract

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1980. The report highlights that during the period from the beginning of 1979 to the middle of 1980, the world economic situation was marked by three disturbing features. Rates of inflation in most countries remained high and, indeed, accelerated. Growth of real output in the industrial countries began to slow down markedly, threatening to halt the expansion of world trade. Large surpluses and deficits reemerged in the external balances on current account for major groups of countries.

International Monetary Fund

Abstract

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1978. The report highlights that the period since the previous Annual Report—the third year of recovery from the most severe recession in four decades—has been one in which world economic developments were again unsatisfactory in some important respects. World output and trade continued to increase, but the pace of domestic expansion in the industrial world, which had been satisfactory during the first year or so of the recovery period, became slow and uneven, contrary to earlier expectations.

International Monetary Fund

Abstract

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1977. The report highlights that after a cessation of economic growth in 1974 and an unusual decline in 1975, real gross national product in the industrial countries expanded by almost 5½ percent in 1976. Increases in the range of 5–6½ percent occurred in all of the larger industrial countries except the United Kingdom. The deep and prolonged international recession that started late in 1973 reached its low point in the first half of 1975.

International Monetary Fund

Abstract

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1976. The report highlights that in mid-1976, the world economy was completing the first year of recovery from its most severe recession in four decades. Production in the industrial countries was again expanding at a satisfactory pace, and rates of inflation were considerably below those experienced in 1974 and the first half of 1975. By the past standards, however, both unemployment and inflation remained exceptionally high for the early phase of a cyclical upswing.

International Monetary Fund

Abstract

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1975. The report highlights that by traditional standards, the performance of the world economy during 1974 and the first half of 1975 was poor. But by reference to the serious and complex range of problems that had to be confronted, this performance can be characterized as mixed. The slowdown of economic growth in the industrial world that was in process around the beginning of 1974 developed into an unexpectedly severe and widespread recession featuring exceptionally high rates of unemployment.

International Monetary Fund

Abstract

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1974. The report highlights that in mid-1974, the world economy was in the throes of a virulent and widespread inflation, a deceleration of economic growth in reaction to the preceding high rate of expansion, and a massive disequilibrium in international payments. The average annual rate of inflation in industrial countries, already 7 percent in 1973, reached 12 percent (in terms of gross national product deflators) in the first half of 1974.

International Monetary Fund

Abstract

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1973. The report highlights that world economic developments in 1972 and the first half of 1973 were dominated by a strong cyclical upsurge in activity, high rates of price inflation, and currency crises and unrest punctuated by another realignment of major currencies in February–March 1973. With key elements of the Bretton Woods system no longer observed, the work of reforming the international monetary system continued in the IMF through the Committee of Twenty.

International Monetary Fund

Abstract

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1972. The report highlights that the main features of world economic developments in 1971 were a continuation of slow output growth coupled with inflation and the succession of currency crises, involving capital movements and foreign exchange reserve increases of unprecedented magnitude that led to the December 18 realignment of major currencies. During the first half of 1972, the picture with respect to certain aspects of these problems improved significantly.

International Monetary Fund

Abstract

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1971. The report highlights that the performance of the world economy during 1970 and the first part of 1971 was less than satisfactory in certain major respects. Performance was heavily dominated by developments in the larger industrial countries. The expansion of total world output proceeded at a slow and irregular pace, primarily because of the 1969–70 recession and ensuing moderate pickup of economic activity in the United States.

International Monetary Fund

Abstract

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1970. The report highlights that the performance of the world economy during 1969 and early 1970 was marked by severe inflation pressures and, at the same time, by a series of developments serving to improve the adjustment of payments imbalances in several major countries and to strengthen the international monetary system. World output and trade expanded vigorously, and, in a setting of high demand pressures and rapid price increases, interest rates soared to extraordinary levels.