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The London Business School with Gower Publishing
Author(s) -
Dicks Geoffrey
Publication year - 1980
Publication title -
economic outlook
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.1
H-Index - 8
eISSN - 1468-0319
pISSN - 0140-489X
DOI - 10.1111/j.1468-0319.1980.tb00574.x
Subject(s) - economics , publishing , oil price , economy , economic history , monetary economics , political science , law
The prospects for the industrial countries in 1980/81‐already poor at the time of our last “World Outlook” in October 1979 ‐ have weakened further as a result of the latest round of oil price increases. In the last 12 months oil prices have doubled, and, because of the greater weight of oil compared with 1974/75, we estimate that the real impact of the latest increase is three‐quarters of the earlier rise when prices quad‐rupled. But compared with the events of the mid‐1970's the difference is that the earlier crisis was largely unexpected, which is not true of recent events. For this reason we expect the world economy to be less badly affected than in 1974/75.