World Economic Survey 1983
According to World Economic Survey 1983, the world economy remained in the grip of recession during 1982 and is only now beginning, in a few places, to show some signs of recovery. The unexpectedly severe contraction in demand that ensued from the anti-inflationary policies set in train by major industrial countries in 1979 and 1980 had brought about a sharp curtailment in the growth of world production and trade in 1981, and the deflationary impact of such policies was aggravated in 1982. In the developing countries as a group, output failed to increase for the first time in the post-war period.
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