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.

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Author: International Monetary Fund
Series:
Annual Report of the Executive Board
Publisher:
International Monetary Fund
Language:
English
Publication Date:
02 Sep 1974
DOI:
https://doi.org/10.5089/9781616351861.011
ISBN:
9781616351861
ISSN:
2227-8915
Pages:
170
Keywords:
AR; AREA; sc; votes of China; drawing account; SDR equivalent; valuation adjustment loss; deduction of SDR; R. van S.; Exchange rates; Currencies; Oil; International monetary system; Inflation; Africa; Global; Middle East; Western Hemisphere; Asia and Pacific; deutsche mark; price inflation; reserve ease; rising prices; real GNP; fund staff; U. S. dollar; oil exporter; reserve holdings of the oil importer; excess reserves; fund representative; Oil prices