How Did The Recession Of The Economy Of 1973-1975
318 Words2 Pages
The economy report of President of USA read-
The economy is in a severe recession. Unemployment is too high and will rise higher.
In USA, it remained active during Nov 1973 (President – Richard Nixon) to Mar 1975 (President – Gerald Ford). During this 16 months’ period, the unemployment rose to 8.8%.
Causes: The recession of 1973-1975 was not a normal one. It was sparked by an oil shortage. The OPEC (Organization of petroleum exporting countries) declared an oil
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