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Economic and Social Survey of Asia and the Pacific 1981

image of Economic and Social Survey of Asia and the Pacific 1981

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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China and its northern neighbours

In 1980, China had a population approaching 1 billion and a per capita GDP of approximately $ 260. Real output grew by 6.9 per cent despite adverse weather conditions reducing growth in gross agricultural output to 2.7 per cent. Industrial output rose by 8.7 per cent. In 1981, it was expected that real output would grow by only 1.7 per cent, with gross industrial and agricultural outputs increasing by about 3.0 per cent. Energy output declined by 1.3 per cent in 1980, and a number of problems was affecting energy output prospects. International trade grew rapidly in 1980 but at a slower rate in 1981. Exports grew by 29 per cent in 1980 and by 13.2 per cent in 1981. Deficits in the balance of payments have been covered by increased foreign borrowing in 1980 and 1981. Strenuous and apparently successful moves have been made to reduce the size of budget deficits, to limit inflation and to attain restructuring objectives, including an increase in the share of consumption in output and increased emphasis in production in light industrial goods. Major fiscal problems, however, are reduced revenues due to the decline in State enterprise profits and the large increase in subsidies resulting from higher agricultural procurement prices since 1979.

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