International Monetary Fund Predicts Worldwide Recession
At a glance:
- Series: Great Events: 1900-2001
- Categories: Economics
- Subcategories: Organizations, Agencies, Institutions, Depressions, Recessions
- Curriculum: American History 1951-present, 20th & 21st Century European History
- Geographical Location: Washington, D.C.
- Date: May, 1980
Article abstract: The IMF predicted that countries throughout the world faced several years of high inflation, unemployment, and low production as a result of policies and events in the 1970’s.
What Went Wrong?
Between 1978 and 1979, the Consumer Price Index, a measure of households’ cost of living, increased an average of about 11 percent in the seven major industrial countries (the United States, Japan, France, West Germany, Italy, the United Kingdom, and Canada). This increase was partly the result of oil price increases; to pay for fuel,...
[The entire page is 947 words long]
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