Economic and Social Survey of Asia and the Far East 1950

image of Economic and Social Survey of Asia and the Far East 1950

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 and payments

For the first time in post-war years, an export surplus for the region as a whole re-emerged in 1950. This marked a new phase of development in international trade after the war. Before the war, there was normally an export surplus. In the earlier post-war period, however, there had been a growing import surplus up to 1948. This post-war import surplus, only slightly reduced in 1949, exercised great pressure on the foreign-exchange reserves of countries in the region and various exchange and trade controls were reinstituted or tightened. A shortage of dollars was also felt by almost all countries in the region. The growing import surplus during the early post-war period was incurred at an increasing level of imports and exports. But trade levelled off in 1949, as extraordinary post-war demands had been largely satisfied, foreign-exchange reserves depleted, and import demands of the United States decreased owing to the economic recession in that country. This led to a tightening of import control in some countries and to devaluation in most countries in the region, led by the devaluation of sterling.


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