The 1973-1975 recession marked the end of a remarkably prosperous period for developed economies. Apart from the United States, who experienced a brief recession in 1969-70, the other nations had enjoyed a period of uninterrupted growth in the 25 years leading up to this event. Japan in particular had the fastest growth of any major economy. This ended, however, following the 1973 oil crisis, which saw the member states of the OAPEC (Organization of Arab Petroleum Exporting Countries) place an embargo on the nations who supported Israel during the Yom Kippur War, particularly the U.S., who supplied arms to Israel. As a result, oil prices quadrupled in some periods; the U.S. and most of its major economic partners then went into recession due to their dependency on oil imports. Additional factors exacerbated the effects of the recession in each country, such as the miners' strike in the United Kingdom, or Nixon's unstable economic policies in the early 1970s. It was not until 1976 when the major OECD economies would come out of their recession, although real GDP growth rates would not return to the consistent highs experienced in the 1950s and 1960s. Additionally, while GDP growth resumed within a few years, inflation rates and unemployment rates generally remained higher going into the 1980s.

Stagflation (stagnation and inflation in one word) depicts a time period when an economy is not only suffering from a recession (declining GDP), but high unemployment and inflation rates as well. Usually unemployment and inflation are inversely related, which makes stagflation a rare occurrence. It first happened in the 1970s, when OPEC put an oil embargo on the United States, resulting in oil prices skyrocketing to three times the standard value at that time. As of September 2023, the price of oil fell by 20 percent in comparison to last year after having increased by 76 perent as a result of Russian invasion of Ukraine. The has been signs of stagflation in some countries through 2022 and 2023, but falling inflation rates indicate that the worst has been avoided.

The decades that followed the Second World War were among the most prosperous in modern history, and are referred to as the Golden Age of Capitalism in many countries. This period came to an end, however, with the 1973-1975 recession. Differences across the bloc Across the OECD member states, there was a significant drop in real GDP growth over the two decades, falling from an average of five percent annual growth in the 1960s to just 3.5 percent annually in most of the 1970s. Of all OECD countries shown here, Japan experienced the highest rate of real GDP growth in both decades, although it dropped from 11 to six percent between these years (Japan's real GDP growth was still higher in the 1970s than the other members' rates in the 1960s). Switzerland saw the largest relative decline over the two periods, with growth in the 1970s below one third of its growth rate in the 1960s. What caused the end of rapid growth? The Yom Kippur War between Israel and its Arab neighbors (primarily Egypt and Syria) resulted in the Arab oil-producing states placing an embargo on Israel's Western allies. This resulted in various energy and economic crises, compounded by other issues such as the end of the Bretton Woods financial system, which had far-reaching consequences for the OECD bloc. Additionally, the cost of agricultural goods and raw materials increased, and there was a very rare case of stagflation across most of the world's leading economies.

During the period beginning roughly in the mid-1980s until the Global Financial Crisis (2007-2008), the U.S. economy experienced a time of relative economic calm, with low inflation and consistent GDP growth. Compared with the turbulent economic era which had preceded it in the 1970s and the early 1980s, the lack of extreme fluctuations in the business cycle led some commentators to suggest that macroeconomic issues such as high inflation, long-term unemployment and financial crises were a thing of the past. Indeed, the President of the American Economic Association, Professor Robert Lucas, famously proclaimed in 2003 that "central problem of depression prevention has been solved, for all practical purposes". Ben Bernanke, the future chairman of the Federal Reserve during the Global Financial Crisis (GFC) and 2022 Nobel Prize in Economics recipient, coined the term 'the Great Moderation' to describe this era of newfound economic confidence. The era came to an abrupt end with the outbreak of the GFC in the Summer of 2007, as the U.S. financial system began to crash due to a downturn in the real estate market.

Causes of the Great Moderation, and its downfall

A number of factors have been cited as contributing to the Great Moderation including central bank monetary policies, the shift from manufacturing to services in the economy, improvements in information technology and management practices, as well as reduced energy prices. The period coincided with the term of Fed chairman Alan Greenspan (1987-2006), famous for the 'Greenspan put', a policy which meant that the Fed would proactively address downturns in the stock market using its monetary policy tools. These economic factors came to prominence at the same time as the end of the Cold War (1947-1991), with the U.S. attaining a new level of hegemony in global politics, as its main geopolitical rival, the Soviet Union, no longer existed. During the Great Moderation, the U.S. experienced a recession twice, between July 1990 and March 1991, and again from March 2001 tom November 2001, however, these relatively short recessions did not knock the U.S. off its growth path. The build up of household and corporate debt over the early 2000s eventually led to the Global Financial Crisis, as the bursting of the U.S. housing bubble in 2007 reverberated across the financial system, with a subsequent credit freeze and mass defaults.

Graph and download economic data for Inflation, consumer prices for the United States (FPCPITOTLZGUSA) from 1960 to 2024 about consumer, CPI, inflation, price index, indexes, price, and USA.

Historical chart and dataset showing U.S. GDP by year from 1960 to 2023.

Building a major pipeline to carry stranded North Slope natural gas to market would boost the number of jobs and wealth in Alaska. But the impact would be muted compared to the economic upheaval from building the trans-Alaska oil pipeline 35 years ago. That's a key conclusion of a draft economic analysis,prepared by the gas line project developer and released Jan. 13, that forecasts how life in Alaska would change if the proposed $32 billion to $41 billion pipeline from the North Slope to Alberta gets built.

U.S. gdp growth rate for 2023 was 2.89%, a 0.38% increase from 2022.

<ul style='margin-top:20px;'>

<li>U.S. gdp growth rate for 2022 was <strong>2.51%</strong>, a <strong>3.54% decline</strong> from 2021.</li>
<li>U.S. gdp growth rate for 2021 was <strong>6.06%</strong>, a <strong>8.22% increase</strong> from 2020.</li>
<li>U.S. gdp growth rate for 2020 was <strong>-2.16%</strong>, a <strong>4.75% decline</strong> from 2019.</li>
</ul>Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

The Gross Domestic Product (GDP) in the United States expanded 2 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides the latest reported value for - United States GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Part I: Germany By means of a statistical analysis, this study examines the question whether there are long-term fluctuations in the course of the economic development in Germany, and if so, why they occur. On the grounds of a discussion about the hypothesises of lack of capital, overproduction and innovation, an explanatory model for the growth waves has been developed. This model, which is based on an empirical analysis, can be summarised as follows: The long-term development of the national product is mainly determined by the development of investments, which depend on the development of the profit expectations in their turn. In this respect, the development of wages, national consumption, and protection are considered important factors for the definition of long-term profit expectations. Hereby the above-mentioned model is empirically tested. Eventually some economic conclusions are drawn.

Part II: An International Comparison In the 1970s, the process of global economic growth weakened considerably as compared to the two preceding decades. This development provoked several explanatory attempts. Within the scope of an empiric study for Germany, the slowed growth of the 1970s has been understood as being the downswing phase of a long-term cycle of development. In doing so, the diagnosed development of the national product was mainly explained by long-term fluctuations of the (functional) distribution of income and the governmental activity, which, on their part, caused long-term ups and downs concerning investment activities due to their influence on profit expectations. In fact, the article faced harsh criticism, which was directed at both the explanatory approach and the under-lying empirical method. This study calculates the deviations of streamlined national product series from the long-term trend; its results show that there have been long-term, more or less distinct fluctuations in the development of the national product of several free-market countries other than Germany. According to the available data, different index numbers were applied to the respective national production. The period examined in this study for every country reaches as far back as data are available.

With regard to the results of the empirical analysis of the long-term economic development of Germany, France, Italy, Sweden, the United Kingdom, the United States, and the Soviet Union, it can be stated that - long-term fluctuations of the economic development are not merely restricted to Germany, and that a socialistic economic system presumably does not guarantee a continuous growth either; - the cyclical pattern differs from country to country; - there were parallel developments at the international level; however, these do not develop in a synchronous way.

Factual classification of the tables in HISTAT: Part I: Germany Part I: 1. Macroeconomic indicators for the Federal Republic of Germany (1960-1990) Part I: A.1 Net national product and net investments in the Federal Republic of Germany (1850-1990) Part I:A.2 Net national product, net investments, foreign trade values and national consumption (in million D-marks) in Germany (1850-1990) Part I: A.3 Stock yields and profit expectations (in percent) in Germany (1926-1977) Part I: A.4 Actual earnings of employees and unemployment rate (in percent) in Germany (1925-1990) Part I: A.5 The population (in 1,000) in the Federal Republic of Germany and in the German Reich (1850-1913)

Part II: International comparison Part II: A.1.Macroeconomic annual production of selected states (1830-1979) Part II: A.2 Investments of selected states (1830-1979) Part II: A.3 Unemployment rate of selected states (in percent) (1887-1979)

Industry, construction, crafts and crafts — manufacturing — by economic division in seventies

on the HTML offer of the time series

regional data for Schleswig-Holstein

Statistical Office for Hamburg and Schleswig-Holstein

During the "Golden Age of Capitalism", from 1950 to 1973, GDP grew by annual averages of just under five percent in Western Europe*, four percent in the U.S., and ten percent in Japan. This period of prosperity came to an end with the recession of 1973-1975, however GDP growth rates did not return to their previous levels when the recession ended, as growth was fairly sporadic in the 1970s and then much slower throughout the 1980s. From 1973 to 1987, GDP grew annually at just two fifth of the Golden Age's rate in Europe and Japan, while the U.S.' annual rates were somewhat closer.

One major difference between the two given periods was that the U.S. was the dominant and most influential economy of all developed (non-communist) countries in the 1950s and 1960s, however, the 1970s and 1980s saw Japan and the European Communities (led by West Germany and France) emerge as major economic powers in their own right. While the U.S. remained the most powerful country in the world, other developed nations became more economically autonomous, and began asserting their own influence internationally.

South Korea GDP for 2023 was 1.713 trillion US dollars, a 2.32% increase from 2022.

<ul style='margin-top:20px;'>

<li>South Korea GDP for 2022 was <strong>1.674 trillion US dollars</strong>, a <strong>7.95% decline</strong> from 2021.</li>
<li>South Korea GDP for 2021 was <strong>1.818 trillion US dollars</strong>, a <strong>10.59% increase</strong> from 2020.</li>
<li>South Korea GDP for 2020 was <strong>1.644 trillion US dollars</strong>, a <strong>0.43% decline</strong> from 2019.</li>
</ul>GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

Graph and download economic data for Infra-Annual Labor Statistics: Employment Rate Female: From 25 to 54 Years for United States (LREM25FEUSA156N) from 1955 to 2024 about 25 to 54 years, employment-population ratio, females, employment, population, rate, and USA.

U.K. GDP for 2023 was 3.381 trillion US dollars, a 8.57% increase from 2022.

<ul style='margin-top:20px;'>

<li>U.K. GDP for 2022 was <strong>3.114 trillion US dollars</strong>, a <strong>0.93% decline</strong> from 2021.</li>
<li>U.K. GDP for 2021 was <strong>3.143 trillion US dollars</strong>, a <strong>16.56% increase</strong> from 2020.</li>
<li>U.K. GDP for 2020 was <strong>2.697 trillion US dollars</strong>, a <strong>5.42% decline</strong> from 2019.</li>
</ul>GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

Graph and download economic data for Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Total for United States (CPALTT01USA659N) from 1956 to 2024 about all items, CPI, price index, indexes, price, and USA.

Graph and download economic data for Trimmed Mean PCE Inflation Rate (PCETRIM6M680SFRBDAL) from Jul 1977 to May 2025 about trimmed mean, average, PCE, consumption expenditures, consumption, personal, inflation, rate, and USA.

Foreign aid is the provision of money, goods, or services from one country to another, usually to support the people in a lower-income country. It can be used to build public infrastructure, improve health or education, increase economic growth, reduce conflict, support institutions, or recover from disasters or crises.

Supporters of aid highlight successful organizations and programs, such as PEPFAR, which has saved millions of lives from HIV and AIDS; GAVI, which has vaccinated hundreds of millions of children against diseases; USAID and private foundations, which supported the Green Revolution to increase crop yields; and the Carter Center, which has led the near-eradication of guinea worm disease.1

But foreign aid projects can fail and, in the worst cases, cause harm. Foreign aid can disrupt local economies and political systems and make governments more responsive to foreign powers than their own citizens.2

Critics of foreign aid point to failures like the WHO’s Global Malaria Eradication Program in the 1950s and ’60s, or India’s aid-supported family planning and sterilization program in the 1970s.

Foreign aid comes in many forms. Governments provide most assistance, but civil society organizations and international organizations, such as the World Bank, also play an influential role. Aid is often directed towards the poorest countries, but other countries that are not among the poorest also receive significant amounts. Some aid supports government operations generally, but most aid is focused on specific sectors.

On this topic page, you can explore data on who gives and receives foreign aid, the different types of assistance, and a few examples of when it has been successful.

Czechoslovakia's economy saw out the 1970s and 1980s with a positive trade balance and current account, making it just one of three Eastern Bloc states (along with Romania and the USSR) to do so. Overall, Czechoslovakia exported approximately 400 million U.S. dollars more goods and services than was imported in these two decades.

Industrial output across the OECD fell by significant amount between the 1960s and 1970s, when annual averages are compared. Overall, the OECD saw industrial output grow by almost six percent in each year between 1960 and 1970, whereas this growth fell to just 3.5 percent per year between 1971 and 1978. The largest individual decline of the major economies was observed in Japan, who saw a difference of nine percent between the two periods. The largest proportional decline of the given countries, however, was observed in Switzerland, where annual industrial output between 1971 and 1978 was less than one tenth of the rate in the previous period. The primary reason for this decline was due to the 1973-1975 recession that resulted from the oil embargo of 1973, which highlighted the developed world's increasing dependency on foreign oil imports. This recession also marked the end of the post-war economic boom, but saw the transition of economies such as Japan, West Germany, and wider European Economic Community in general (i.e. the predecessor to the EU) into global economic powers.