Economic and Social Survey of Asia and the Far East 1948

image of Economic and Social Survey of Asia and the Far East 1948

This latest edition of the Survey analyzes current economic and social developments in the region against the background of events in the world economy. It also focuses on the serios problems of growth and transformation of the area's least developed and Pacific Island developing economies.



International trade

Whereas before the Second World War the ECAFE region had a substantial export balance in its trade with the rest of the world, the immediate postwar years have seen the incurrence of large deficits by almost every country in the region. With in this total picture, a similar development has taken place in the region’s trade with the United States, an over-all export balance being transformed into a serious deficit, with the consequent emergence of an acute dollar shortage. The prewar system of multila teral exchange, whereby the region’s surpluses with the United States offset its deficits with other countries, has been, atleast for the time being, disrupted. These developments are a direct result of wartime devastation, leading as it did to greatly reduced output and export of the staple products of the region such as rice and other cereals, sugar, fats and oils, tea and fibres.


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