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World Economic Survey 1962

image of World Economic Survey 1962

Part one: The Developing Countries in World Trade, presents the first series of papers prepared for discussion at the second session (May-June 1963) of the Preparatory Committee for the United Nations Conference on Trade and Development, to be convened in 1964. These papers addressed the broad issue of trade as an instrument for economic development of the developing countries. Part two: Current Economic Developments, the advances in production during 1962 were more moderate than in earlier years in many parts of the world, and frequently disappointed expectations. The rising trend in output, however, was well maintained in the early months of 1963, and the immediate outlook continued to be generally favourable. For the underdeveloped countries, the recovery from recession in North America, combined with some restocking in western Europe, favoured their export trade in 1962.

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Implications of Western European integration for trade of developing countries

The integration of western Europe is likely to have two different types of effect on trade with the rest of the world. On the one hand, in so far as the integration process leads to an acceleration in the growth of incomes in western Europe, the total demand for imports is likely to rise accordingly. On the other hand, in so far as the new arrangements lead to a diversion in western Europe’s demand away from goods which had previously been imported from other areas, towards its own produce, trade with the rest of the world will be affected adversely.

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