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The world economy of 1974 had absorbed the various effects of die oil
crisis occurred late in 1973 and was in the process of moving toward a new balance.
The rise of the price of crude oil induced aggravation of the international
balances of the oil consuming countries and intensification of the worldwide
inflation. To cope with such situation, the advanced countries advanced the
tightening policies. As the result, the productive activities of the principal
countries declined sharply in the latter half of 1974, and a recession of the
largest scale after World War II was noted.
Owing to such recession occurring simultaneously in the advanced industrial
countries and the declining demand for the crude oil due to elevation of the
price, the world trade had its tempo of expansion slowed down. Thus, the maritime
cargo movement (in ton-miles) of the world in 1974 noted only a 6 percent increase
in the case of dry cargo and a 1.8 percent increase in the case of tanker cargo
over those of the previous year, and in 1975, it is going in the direction of
a scale-down (Fig. 1-1-1).
Further, due to the world-wide inflation and subsequent recession, the flow
of international passengers in the world (in person) noted a 2.7 percent decrease
against the previous year.
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