Economic Survey 1971

From the point of view of developing countries, perhaps the most notable feature of the world economy in 1970 was the continued high level of growth in world trade. Commodity prices were firm during the first half of the year but weakened later. However, those of commodities subject to international restriction agreements displayed more stability. Owing to inflation, prices of exports from industrial countries rose by 5 per cent. World trade expanded by about 15 per cent in money terms and about 10 per cent in real terms and this growth took place in a year of stagnation of the United States' economy.