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.



Balance of payments

In 1966, judging from preliminary figures, most of the developing ECAFE countries experienced similar or greater difficulties in their balance of payments position, compared with earlier years. Undoubtedly by far the most important element in those difficulties was the deficit on commodity trade. In the first half of 1966, most developing ECAFE countries had continuing unfavourable trends in their trade balance. Notable exceptions were India and Pakistan, whose trade deficits were reduced; this partly reflected the reduced availability of foreign assistance and capital. Owing to the size of the trade balance of these two countries, there was a slight improvement in the trade balance of the developing ECAFE countries as a whole for the first half of 1966, as compared with the first half of the previous year. However, data for the third quarter of 1966 indicate that by then the import surplus of the developing ECAFE region was already running at a higher rate than in the corresponding period of 1965.


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