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Economic and Social Survey of Asia and the Pacific 1985

image of Economic and Social Survey of Asia and the Pacific 1985

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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Developments in the world economy and their impact on the ESCAP region

Hopes for spreading and sustained growth in the world economy connected with the continued strength of the economic recovery in the United States of America began to fade in the second half of 1985 with increasing uncertainty about the viability of high growth in the world’s largest national economy. The sharp deceleration of the growth rate of the United States GNP to 1 per cent per annum in the first half of 1985 in contrast to the 6.6 per cent during 1984 inescapably brought out the need for strong measures to avoid the onset of another recession. In order to achieve a growth rate of 3 per cent during 1985, the United States economy had to accelerate to an annual rate of 5 per cent during the second half of the year, which failed to materialize as the year ended.

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