Economic and Social Survey of Asia and the Far East 1966

image of Economic and Social Survey of Asia and the Far East 1966

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.



Economic growth

During the period 1960-1965, not only did the economic growth of the developing ECAFE region lag behind that of Latin America and West Asia, but also its rate of growth tended to decline, as evidenced by the fact that its annual growth rate of 3.9 per cent in 1960-1965 was slightly below its annual growth rate in 1955-1960. This situation was brought about in particular by the slow growth of Ceylon, India and Indonesia, and also by the decline in the annual growth rate of Burma, Cambodia and Iran during 1960-1965 as compared with the preceding five years. Despite this dismal note, however, there is some cause for optimism if growth possibilities are judged from the past performances of the individual countries mentioned. Ceylon, for instance, had a growth rate of 5.7 per cent in 1960 and 4.1 per cent in 1962; India’s rate was 7.4 per cent in 1960 and 8.2 per cent in 1964; and Indonesia had a rate of growth of 4.1 per cent in 1961 and 5.7 per cent in 1965. These rates show that, under more favourable circumstances and with greater external assistance, these countries can hope to surpass the higher levels of growth they attained in the past, and that, together with the notable growth rates of the Republic of Korea, China (Taiwan), West Malaysia, Thailand and others, the average growth rate of the developing ECAFE region can be raised to 5 per cent or over, as was the case in 1963 and 1964.


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