Economic and Social Survey of Asia and the Far East 1951

image of Economic and Social Survey of Asia and the Far East 1951

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.



Inflation and deflation

It is not altogether accurate to ascribe the world-wide inflation of 1950—51 entirely to the Korean conflict and its aftermath. Actually, signs of inflation were already visible in Europe and America during the first half of 1950, following upon the currency devaluations of 1949 and the recovery of the American economy from the minor recession of 1949. For Asia, too, a number of raw material prices were pointing upward, and others would probably have followed suit later in 1950. Yet the fact remains that, for the region as a whole, and particularly for two relatively industrialized areas (India and Japan), the outbreak of war in Korea represented a watershed between attempted disinflation and renewed inflation.


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