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Economic and Social Survey of Asia and the Far East 1956

image of Economic and Social Survey of Asia and the Far East 1956

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.

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Philippines

The accelerated tempo of economic development, financed by government borrowing in the public sector and credit expansion in the private sector, in late 1955 reversed the deflationary trend that had prevailed in the Philippines in the preceding three or four years. Greater expenditure resulted at first in substantial import expansion and considerable depletion of foreign exchange reserves, and later, after the tightening of import control, in rising prices. During 1955 and the first half of 1956, the balance of payments position would have been better had the terms of trade not deteriorated by an additional 10 per cent, partly offsetting further increases in production. The unfavourable internal-external price relationship underlying the disequilibrium in the balance of payments has been a major factor limiting the rate of progress of economic development. Unemployment remained high—at an estimated 13 per cent of the labour force.

English

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