The international oil-price rise of 1973 had a significant impact on the economies of Western Europe because it was the catalyst that aggravated existing and accumulating problems already present in the economic structure. There had been a decline in world economic growth in the late 1960s, and though there was rapid economic recovery in Western Europe by 1973, the economy was still unstable and had inherited problems. I believe this caused the decline of economic growth. The Organisation of Petroleum Exporting Countries (OPEC) had increased the initial price of oil by four times by 1974.

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