text: matter. of choice and achievement, as the Japanese experience, to name only one,clearly indicates. Second, it is easier to accomplish reguired accoomodations toshifting patterns of comparative advantage in the context of a growing world economy enjoying monetary and financial stability than in conditions of widespread unemployment and inCernational monetary j.nstability vhich nurture protectionist pressures and create uncertaineies that hamper exports and trade-related investnent decisi.ons. B. The current situation and the outlook for the rest of the decade 18. In 1984, tbe real rate of growlh of output of the developed countries i.ra s about 4.7 per cent, the highest since the mid-19?0s and only slightly below the average rate of gro tb observed during the 1960-1973 period. After four years ofvirtual stagnation from 1980 to 1983, the rate of increase in the volume of worldtrade in 1984 was about 8.8 per cent, approximately the same as that between 1960 and 1973. 1.,1a ny developing countries benefited from this recovery, although sonedid not. Hovrever welcone. the recovery was somewhat weaker than recoveries in thepast, when underlying trends rrere more buoyant, At mid-1985, growth in Che largest developed market economy seems !o be sliding towards an annual rate of 2.6 per cent, and qrowth in other developed countrj.es is also flagging. 19. This situation has led to significant differences in expectations. Some hopefor and expect a continuation and consolidation of the recovery. Others fear a subsCantial slor,r-dolrn in world economic activiey. Such differences can be tracedto inplicit assumptions about tbe sustaioability of existing imbalances and aboutthe polici.es likely to be pursued. 20. Baseline projections to date suggest an annual growth raee in the developedcountries of the order of 2.5 to 3 per cent in real output for the second half ofthe I980s. With a 3 per cent gror.rth rate in industrial countries, the volume ofqorld lrade is expected to grow at 5 to 5.5 per cent a year. The export volume of
analysis: The text appears to be discussing the current state and outlook of the global economy, including topics such as economic growth, trade, and monetary policy. It also touches on the concept of comparative advantage and the impact of international economic conditions on trade and investment decisions. These themes suggest that the text is primarily focused on economic development and international trade.