entrepreneurial income and the translation of hiqher enerqy costs into final product prices. These policies have produced a siq­ nificant drop in the rate of inflation, which in the United States has fallen to less than 5 per cent a year aqainst more than 10 per cent in 1980, while savinas in the use of enerqy have led to a larqe fall in the demand for crude oil. But because of strcnq social pressures fiscal policy has not been well co­ -ordinated with monetary policy, and the result has been very E/ECA/CH.9/5 high interest rates, which discourage investment and help to depress econcmic activity further. With v1age inflation not yet under control, unemployment has continued to rise, vlith 30 mil­ lion people affected in 1982, or 8.5 per cent of the work force. The recession has consequently deepened, and while GDP in the OECD countries grew by 1.2 per cent in 1981, the forecast for 1982 is for only 0.5 per cent. 4. At the same time as they are experiencing a stronq decelera­ tion of their rates of qrowth, OECD countries are confronted with increasingly effective competition from the newly industrialized countries of the Far East and Latin America, which are increas­ ingly able to produce a wide range of manufactures at low ccst and have thus taken a significant share of OECD markets. Amcng OECD countries themselves, those which have shown the greatest flexibility and adapted fastest to higher energy costs, such as Japan, have been gaining over their partners. This has en­ couraged protectionist countermeasures, as can be seen in the disputes over steel imports into the United States, and differen­ ces over the EEC agricultural policy, and these measures have delayed industrial redeployment in the OECD countries. 
**Analysis**
The text discusses the impact of energy costs on economic development, particularly in the context of OECD countries. It highlights the effects of high interest rates on investment and economic activity, as well as the competition from newly industrialized countries. The text also touches on the issues of protectionism and industrial redeployment. Based on this analysis, it appears that the text is primarily focused on economic development and international trade.

**Category**
Economic development, International trade