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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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Introduction

In many parts of the world, the advances in production during 1962 were more moderate than in earlier years 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. As reviewed in this part of the Survey, North America recorded a level of output in 1962 considerably above that of 1961; this, however, reflected recovery from a recessionary situation in the earlier year. Output had climbed rapidly in 1961 from the low point of the recession in the first quarter, but the continued advance in 1962 was at a much more moderate pace. Though earlier fears that the upswing would not be maintained into 1963 have been dispelled by events, considerable amounts of idle capacity and unemployed labour have remained as persistent features of the economy. In western Europe, 1961 had seen some loss in momentum of the strong upsurge in activity which had characterized 1959 and 1960. In 1962, the rate of increase in output slackened further as the earlier boom in investment appeared to taper off. Current trends were accordingly less certain than in preceding years. In a number of countries, the current situation was also complicated by a quickening in the pace at which prices and costs have been increasing.

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