Introduction

The rate of economic growth in the developing ECAFE region in the early years of the United Nations Development Decade was not satisfactory. While aggregate income of the region increased at 4.2 per cent per annum during 1950-1960, the rate of growth fell to only 3.2 per cent per annum during 1960-1963. Because of the increased rate of population growth, the growth of per capita income was even less satisfactory. The annual rate of increase in per capita income during 1950-1960 was 2.1 per cent, and per capita income remained almost stationary during 1960-1962. The progress in 1963 and 1964 was somewhat better, with gross domestic product increasing by 4.3 per cent and 4.8 per cent respectively, and per capita income, by 1.8 and 2.3 per cent. These rates are, however, slower than those achieved in the developed market economies. Per capita income of the developed market economies increased by 2.7 per cent per annum in 1950-1961. The gap between the per capita income of the developing ECAFE region and that of the developed market economies has. therefore, continued widening. Although agricultural crops further improved in 1964/65, rice crop towards the end of 1965 was very poor so that the rate of growth of per capita income may be less satisfactory in 1965 than in 1964. The rates of growth in individual countries were uneven. In recent years, while a few countries, such as China (Taiwan), Malaysia, the Republic of Korea and Thailand, succeeded in increasing their per capita income at annual rates of 3.3 per cent or more, in spile of the very high population growth rates, per capita income in some other countries, such as Ceylon, India, Indonesia, Pakistan and the Philippines, increased at annual rates of 2.3 per cent or less.

Sustainable Development Goals:

Decent Work and Economic Growth

Reduced Inequalities