aubsequent perlod was characteri.zed by slgnlficantly greater variability ln real grolrth rates. inflation rateg, ineerest. rates and exchange rates, in nany cageg to a degree unseen since che 1930s. The nodet agsulnPtion about the investment fract.ion of GDP is based on bistorical observation, noC on the pre-1974 experiencer irbich clearly is of limited value, but on post-1974 observatlons' 151. In Che longer term the ICOR (or simply the capital-outPut ratio'. without the "iDcrenenEal" oualifier) m€inly reflects deterrninants of real Pioductivity. These include the secEoral distrlbution of output (agriculture, lndustry, services elc.), the capltal or labour intenslty of Production by sector, the quantity and suallty of the labour force, and the state of technology and rate of technical proqress' Moreover, che capital"output ratio, like eacb of the deterninants, lends to change iatber slorly. As a consesuence, it is reasonable to suppose Ehat the developed countries gradually achieve lcoRs of the 1965-1985 Period as lhe Projected recovery proceeds. 152. Th€ recovery among the develoPing countrieE, horrever, is lagging behind the recovery among the develoP€d counEriest given the slou chanqis ln capital-output ratios, the recovery of tbe fCORs nay be exPected to be all the more gradual' Moreover, there are several factors in Ehe rrorld econonic outlook' auch ag continuing hlgh real interest rates, unfaeourable terms of trade and a scarcity of food in certain developing countrles, nh ich rfiIl probably Prevent deueloping countrles fron utillzing inveatnenc as effectlvely as ln the past. Further, the robust growth of the 1960s lncludes the early develoPnent of the OPEC countriea and whaL are now the newly indu€trlalized countries. Of course, for these counCrles, the experience of the I96Os cannot be repeated in exactly the sane way' Finally' developing countries face the predicament that the lneestnent allocatlon yielding
**Analysis**
The text appears to be discussing the economic aspects of various countries, specifically the differences in growth rates, investment, and productivity between developed and developing countries. It also touches on the impact of external factors such as high real interest rates, unfavorable terms of trade, and scarcity of food on developing countries' ability to utilize investment effectively. The text does not mention specific natural resources, environmental issues, or human services like health, education, or humanitarian aid.

**Category**
Economic development, Industry