Introduction: The significance of industrialization policies for economic growth and development

Though production generally advanced in 1961, the year was not notable for the vigour of its upward thrust. As reviewed in part II of the present Survey, recovery from the recession in North America got under way towards the end of the first quarter of 1961, but this did not raise output for the year as a whole much above the level of 1960. In western Europe and Japan, the upswing in economic activity, which had begun in 1958, paused temporarily in the course of 1961, and the rate of increase for the year as a whole was considerably below that of a year earlier. In face of the mixed trends in industrial countries, exports of the primary producing countries rose only moderately, while prices of primary commodities entering international trade underwent a further decline. In most of the centrally planned economies, though total output continued to increase at a high rate, the pace of advance slackened; industrial production rose at a somewhat slower rate while agricultural output either fell absolutely or increased only slightly, owing mainly to adverse weather conditions. In mainland China, agricultural production, which had fallen substantially in 1960, failed to recover to any significant degree in 1961; largely because of the agricultural situation, industrial expansion was also brought to a halt.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Climate Action