not taken place, and the rate of qr01r1th of world output has aqain declined after the slo.<~-dO'vln experienced in 1981. World trade is at a standstill. In developed market economies unemployment is still risinq, and the rate of inflation rell'.ains hiqh. In addi­ tion, financial problems have become serious as a number of devel opinq and centra 11 y planned countries which have borrOW'ed record amounts of money in recent years are havinq difficulties in servicinq their deb~s. 2. The slow-down in the OECD economies, which contribute the larqest share of world output and qenerate most of world trade, is the main factor behind the present world recession. Gr01r1th in these economies has been more and more constrained by structural riqidities leadinq to hiqh labour costs and hiqh qovernment ex­ penditure in relation to total resources because of continuously risinq social benefits, while necessary chanqes in the industrial structure and the introduction of new technoloqy have met with considerable resista nee. As a result, productivity qr.owth has declined, and OECD countries have experienced a siqnificant deceleration in their economic qrowth since the end of the 1960s, especially in the United States 'Vthere investment ratios have been l01r1est and qains in productivity have declined most. Slower economic qrowth has been associated with a risinq rate of infla­ tion, fuelled by labour costs and qovernment deficits. These circumstances have worsened the impact of hiqher enerqy prices and created considerable obstacles to the adjustments which have to be made in the industrial structure and the expenditure pat­ tern. 3. Govertunent policies in OECD countries have varied since the first larqe increase in oil prices in 1973-1974, but since 1979 most Governments have been fcllowinq various combinations of policies which include restriction of credit, control of the money supply, moderation of waqe rises, lo.-•er taxation of 
**Analysis**
The text discusses the global economic situation, including the decline of world output, high unemployment, and inflation. It also mentions the slow growth of OECD economies, structural rigidities, and the impact of energy prices on the economy. These themes suggest that the text is primarily focused on economic issues, particularly economic development and international trade.

**Category**
Economic development, International trade