In many ways, the global economy is in the throes of a major adjustment to changing circumstances. Beginning with this issue, Finance & Development will from time to time present data on long-term changes in particular sectors or aspects of the world economy. We hope this series will give readers a longer-term perspective on these developments. As usual, we welcome suggestions.
From 1950 to 1980 the average annual growth rate of the value of world exports was 12.3 per cent in nominal terms and 6.7 per cent in real terms. The latter figure was well above the increase in world production and several times greater than that of world population growth.
Industrial countries’ share of world trade, 1950 and 1981
1EEC (European Economic Community) data for all years refer to the current composition of the EEC.
Non-oil developing countries" trade indexes
Source: IMF, International Financial Statistics Supplement on Trade Statistics, 1982.