Major developments in world trade

Developments in world trade have continued to be generally favourable since about the middle of 1952. The volume of world trade has steadily grown, and relatively stable terms of trade have prevailed between primary producing and industrial countries. The balance of payments difficulties which had characterized so large a part of the world during the post-war period have been considerably eased, and gold and dollar reo serves, outside the United States of America, have continued to increase. While the conditions for an early resumption of convertibility did not appear to have been established in 1954, there was a growing tendency to dismantle parts of the machinery of international trade controls on which most non dollar nations have had to rely up to now for protection of their balance of payments.

Related Subject(s): Economic and Social Development
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