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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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Thailand

The extent to which Thailand’s economy depends on the rice crop is attested by the fact that the share of rice in the total annual value of exports averaged 57 per cent in the decade 1946–55. To offset the adverse effect on its revenue produced by the falling trend in the export price of rice since 1953, the Government has succeeded in steadily increasing revenues from other sources. Government expenditures, however, have continued to exceed revenues, with heavy outlays on defence and development contributing substantially to this result. From 1950 to 1956, the Government has had constant recourse to deficit financing. This has had a tendency to lift private spending and imports, thus adding to the pressure on the country’s balance of payments caused by reduced export proceeds from rice and (in 1952/53) by the measures taken to raise the external value of the baht. Except for a very small surplus in 1955, Thailand’s balance on trade account has been adverse since 1953.

English

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