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Economic and Social Survey of Asia and the Far East 1968

image of Economic and Social Survey of Asia and the Far East 1968

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

The national products of the developing countries of Asia, counted in real terms and without regard to changing terms of trade, showed in 1968 a wider incidence of robust growth than in the preceding year. In seven out of eight countries for which estimates are available, national product increased by more than 5 per cent. A grand regional average would yield a lower figure than in the previous year (5 per cent instead of 8) since India’s national income was recovering in 1967 from a series of exceptionally bad harvests and its growth in the more normal circumstances of 1968 was again at a low level. Such an average is relevant to the tentative measurement of the potential welfare of the average citizen of Asia. But economic affairs are arranged within states and if averages are to throw light on opportunities and their exploitation they should be formed on principles that reflect these.

English

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