The world recession

Abstract

Although no new major shocks to the system of world energy supply, trade, and finance were felt in 1981, the present equilibrium is extremely delicate. Shock waves from previous upheavals continue to batter the economic and social structure. Analysis of economic insecurity cannot therefore be limited to the various sudden shocks and their immediate effects, but must also examine the deeper repercussions on the dynamism and the potential for adaptation of the different countries. In the following analysis of problems facing the different regions or countries, we shall try to illustrate what economic insecurity means in practice. In most cases, economic management has become more difficult than ever. Not only are the problems now more serious but they have to be tackled with policy instruments and within structures that have themselves become more fragile. The stage on which the economic actors have to try to make themselves heard is increasingly noisy and disorderly.