Search results
Results from the WOW.Com Content Network
The early 1980s recession was a severe economic recession that affected much of the world between approximately the start of 1980 and 1982. [2] [1] [3] Long-term effects of the early 1980s recession contributed to the Latin American debt crisis, long-lasting slowdowns in the Caribbean and Sub-Saharan African countries, [3] the US savings and loan crisis, and a general adoption of neoliberal ...
Source: Bureau of Economic Analysis The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world (i.e. the United States, Canada, Western Europe, Australia, and New Zealand) during the 1970s, putting an end to the overall post–World War II economic expansion.
The combination of stagnant growth and price inflation during this era led to the coinage of the term stagflation. [7] By the 1980s, both the recessions of the 1970s and adjustments in local economies to become more efficient in petroleum usage, controlled demand sufficiently for petroleum prices worldwide to return to more sustainable levels.
Later on, due to political, economical and social problems in the country during the late-1960s and most of the 1970s, [52] the economy went stagnant and in 1975, entered its first recession after that of the late-1940s. The problems included an increasingly high inflation rate, high energy prices (Italy is highly dependent on foreign oil and ...
By the late 1970s, Soviet influence in Latin America had reached crisis proportions according to several United States Congressmen. [120] Diplomatic and economic ties were established with several countries during the 1970s, and one of them, Peru bought external goods from the Soviet Union.
The steel crisis was a prolonged downturn in the global steel market, occurring during the 1973–1975 and early 1980s recessions. It followed the post–World War II economic expansion and was exacerbated by the 1973 and 1979 oil crises, persisting well into the 1980s. The steel crisis had a significant impact on several industrial regions ...
When new gross domestic product figures last month showed US economic growth slowed ... in the 1970s after a spike in oil prices during the Arab oil embargo. ... to that seen in the 1970s and 1980s.
The idea was that high demand for goods drives up prices and encourages firms to hire more; and high employment raises demand. However, in the 1970s and 1980s, when stagflation occurred, it became clear that the relationship between inflation and employment levels was not necessarily stable: that is, the Phillips relationship could shift.