World Economic Report 1949–1950

image of World Economic Report 1949–1950

World Economic Report 1949-50 analyses major developments in domestic economic conditions and international economic relations during 1949 and the first half of 1950, with some preliminary comments on tendencies since mid-1950. The Report also presents a discussion of two special problems: the factors underlying the persistent dollar deficits in a large part of the world prior to 1949 and the relationship between the currency devaluation of 1949 and subsequent developments in international trade.



Post-war dollar deficits in international trade

The problem of dollar deficits in world trade, which became acute after the Second World War, had been in the making long before the war. In the pre-war period the supply of dollars on current account and private long-term capital account by the dollar area was less than the use of dollars on such account by the rest of the world; moreover, the gap was growing continually. The shortage of dollars was obscured, however, by increasing gold production outside the dollar area and appreciation of the value of gold, which provided the means for financing the dollar deficit.


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