Economic conditions in most countries of the ECAFE region continued to be favourable in 1955 as a result of both internal and external factors. Agricultural and food production maintained approximately the level of the previous year which was a post-war record. Industrial production continued to increase though at a lower rate than in previous years. The value of foreign trade was above the 1954 level for the region as a whole and, although the trade deficit reversed its previous downward trend, the foreign exchange reserves increased in a number of countries. Countries attained a reasonable degree of monetary stability, though inflationary pressures continued in some of them which were faced with the difficult problems of defence and rehabilitation. In most countries development programmes were accelerated, and the developmental efforts of the governments were more vigorous and resulted in clearer formulation of development policies and goals.

Related Subject(s): Economic and Social Development
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