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World Economic Survey 1959

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World Economic Survey 1959 reviews the year, which witnessed new peaks in world production and incomes following the recovery from the 1957/1958 recession in the United States and the cessation of growth in 1958 in western Europe. The Survey also analyses the investment trends and policies in the 1950s and provides an economic outlook for 1960.

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Recent trends in centrally planned economies

The economic situation in the centrally planned economies in 1959 was characterized by the continuation of high rates of growth in output and an acceleration of the rate of growth in foreign trade. The pace of expansion in national product increased somewhat in Hungary and very substantially in Bulgaria and Romania, but it slackened in Czechoslovakia, the Soviet Union and, especially, mainland China, which was not able to maintain the extremely high rate of growth achieved in 1958. Changes in the rate of expansion in national product were largely influenced by variations in agricultural production, which, in several countries, was affected by adverse weather. Only in Bulgaria and Romania did agricultural output increase at a much higher rate than in 1958. Industrial production increased at approximately the same rate as in the preceding year, except in Bulgaria where it was considerably accelerated and in mainland China where the rate of expansion was sharply reduced.

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