As noted in the 1958 Survey, for the private enterprise and mixed economies of the region, the year 1958 closed better than it began. The latter part of 1957 and the earlier months of 1958 witnessed a decline in agricultural production owing to unfavourable weather, and a slowing down in the expansion of output in industry because of the recession in Japan and a fall in the rate of growth in India. In contrast with these developments, the latter months of 1958 and the first half of 1959 saw a bumper harvest in several countries of the region and an industrial boom in Japan. Industrial production in India also regained its momentum after the temporary slow-down in 1958; the newly industrializing countries continued to register further gains in their industrial progress which had not halted during 1958. The centrally planned economy of mainland China also made substantial gains in agriculture and in industry during this period, although the initial results of the “great leap forwards of 1958” were later scaled down. The preliminary estimates of the harvests gathered in the autumn of 1959 indicate another bumper rice crop.

Related Subject(s): Economic and Social Development
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