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Economic and Social Survey of Asia and the Far East 1967

image of Economic and Social Survey of Asia and the Far East 1967

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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Introduction

Viewed in terms of regional economic arithmetic, the developing ECAFE region improved in 1967 on the poor pace of growth of the preceding year. Some countries grew at lesser rates than in 1966 but among them there are three countries whose economies have been growing in recent years at rates well above the regional average: Malaysia, the Republic of Korea and Thailand. 1967 witnessed a recovery of the national product in India and in all probability a higher growth rate in Pakistan. China (Taiwan), the Philippines and Ceylon also grew at faster rates than in 1966. In Indonesia, stabilization appears to have met with a good measure of success, but this may have been purchased at the expense of growth of output in 1967. Taking the region as a whole, the increase in gross domestic product may have risen from about 4 per cent in 1966 to a little above 8 per cent in 1967. Because of the weight of India in this average, the rate contains a large element of recoupment.

English

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