After a sluggish economic growth in the developing ECAFE countries in the earlier years of the 1960 decade, there was a considerable improvement in agricultural production in 1964. While the average annual rate of increase in agricultural production was 2.8 per cent during the period 1960-1963, the increase in 1964 was 4.4 per cent, giving an average annual rate of growth of 3.2 per cent for the five years, 1960-64. In manufacturing production, the annual rate of increase in the first nine months of 1964 was 8.1 per cent. This was below the rate achieved in 1963 which was 10.7 per cent, but was comparable to the average increase from 1960 to 1963. The value of exports increased in the first three quarters of 1964 at an annual rate of 7.4 per cent which, though below the 8.2 per cent increase in 1963, was much above the average annual rate of growth of 3.1 per cent from 1960 to 1963. With increased export receipts, imports also rose by 5.4 per cent in 1964 as compared with the average annual increase of 2.2 per cent in 1960-1963. The over-all development in 1964 was therefore more satisfactory than the early years of the 1960’s. Considering 1964 alone, the rates of increase approached the requirements of the Development Decade. But they were not enough to offset the extremely slow growth rates in 1960-1963.

Related Subject(s): Economic and Social Development
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