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Chapter 15. Industry-Specific Environment, 1981-90

Author

Listed:
  • Tomio Imanari
  • Shigeya Adachi
  • Takuhiko Matsunaga
  • Yukihiro Mitsunaga
  • Fumio Kosugi
  • Hiroto Hidaka

Abstract

The second oil crisis in 1979 caused renewed inflation, declining economic growth, and an increase in balance-of-payments deficits in industrialized countries, which were still suffering from stagflation. The sluggish economies of those countries resulted in a weakening demand for petroleum in 1981 and 1982, and this placed OPEC's current account balance in the red in 1982. The world economy simultaneously experienced a recession that was spread over the largest area ever. Then world economic recovery began when the crude oil price stabilized at a lower level.

Suggested Citation

  • Tomio Imanari & Shigeya Adachi & Takuhiko Matsunaga & Yukihiro Mitsunaga & Fumio Kosugi & Hiroto Hidaka, 1999. "Chapter 15. Industry-Specific Environment, 1981-90," Japanese Economy, Taylor & Francis Journals, vol. 27(4), pages 68-90.
    • Handle: RePEc:mes:jpneco:v:27:y:1999:i:4:p:68-90
    DOI: 10.2753/JES1097-203X270468
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