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As regards economic recoveries of advanced countries, 1977, the third year of the recovery process from the recession caused by the oil shock, was not a good year. There were noticeably large disparities in recovery between the advanced countries: the USA enjoyed a continued upswing, but a host of other advanced countries, remained sluggish. On the other hand, the differences in the economic strengths among the developing countries is ever widening, reflecting the differences in their degree of industrialization, agricultural productivity, etc.
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