Capital Requirements in Economic Development: The Decade Ahead

Francis X. Colaço
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Francis X. Colaço: World Bank

Chapter 1 in Financing Problems of Developing Countries, 1985, pp 3-26 from Palgrave Macmillan

Abstract: Abstract The decade of the 1970s saw major external shocks to the economies of developing countries. Oil prices increased almost threefold in real terms in 1973–4, this was followed by a 9 per cent decline in real terms in 1975–8, and an increase of over 80 per cent in 1979–80. These events in energy markets were accompanied by a marked slowing-down of the rate of growth of industrial countries — a process which had started already in 1970–71. The growth rate of industrial countries averaged 3.3 per cent a year in the 1970s, down from over 5 per cent in the 1960s; there were major variations in annual growth rates both among countries in the group and for the group as a whole. Furthermore, there was a marked acceleration in inflation in industrial countries and it became common to talk about ‘double-digit’ inflation, as well as about ‘stagflation’.

Keywords: Capital Requirement; Real Term; Current Account Deficit; External Finance; International Capital Market (search for similar items in EconPapers)
Date: 1985
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-06749-7_1

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DOI: 10.1007/978-1-349-06749-7_1

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