Introduction

Economic conditions in the ECAFE region in 1957 were satisfactory if judged solely by the progress made in agricultural and industrial production. Foodgrain production, for example, was up about 4 per cent to an all-time high: it was still some 7 per cent below prewar levels on a per capita basis and the import demand for foodgrains went up, too. Manufacturing and mining production, though climbing more slowly than in 1956, rose about 11 per cent (on the basis of returns for the first three quarters), a much higher rate of gain than the world as a whole could show. Unfortunately, closer examination shows that the situation was far less encouraging. Basically, demand outran supply. Judging by the inflationary pressure revealed by the price indexes, the resulting situation was somewhat precarious. Judging by the adverse trade balances and declining foreign exchange reserves, it could even be called alarming. How to explain and relate these different views of the matter is thus a question.

Sustainable Development Goals:

Decent Work and Economic Growth

Reduced Inequalities