The three significant problems that the economy of the Soviet Union ran into in the 1970s and 1980s are high inflation rate, Unemployment rate increased, lack of productivity.
What was the economic problem from 1970s and 1980s?
There are many economic problems that were run in the Soviet Union in the 1970s and 1980s.
These economic problems included the high inflation rate, Unemployment rate increased, lack of productivity.
The inflation rate surged to double digits between 1973 and 1975, and again between 1979 and 1982, from a normal of roughly 5% per year in the early 1970s.
The 1970s were a period of growing prices and unemployment; the periods of slow economic growth could all be attributed to high oil prices' cost-push inflation.
There were the lack of productivity, Pipelines, auto maintenance, and oil and gas extraction all experient significant slowdowns, as a result of the 1970s energy crises.
Over the same time period, these industries also had a significant drop in output growth.
Therefore, the economic problem continues till 1980s.
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