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World Economic Survey 1964

image of World Economic Survey 1964

Part one: Development Plans: Appraisal of Targets and Progress in Developing Countries, reviews the experience gained and the techniques used by different countries in planning for economic development. It focuses attention on development plans in the developing countries. The Survey provides an overall view of the main characteristics of these plans; by tracing the interrelationships between the targets established in the plans, it brings out a number of important differences as well as certain similarities in the strategies proposed by various countries. According to Part two: Current Economic Developments, the main challenges facing developed market economies are the use of incomes policies for internal stabilization and the difficulties facing the international monetary system in the light of the payments imbalances of the reserve currency countries. Meanwhile, a number of developing countries are struggling with the problem of agricultural lag and food supply and difficulties in maintaining internal balance. The Survey further highlights changes under way in the internal economic management of the centrally planned economies and the challenges of economic integration among the countries of the Council of Mutual Economic Assistance.

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Targets and policies for the financing of development plans

Most development plans, as already indicated, have sought to increase the share of investment in gross domestic product in order to accelerate the rate of economic growth. A major preoccupation of plans has therefore been the formulation of targets and policies which would ensure an adequate rate of increase in the supply of resources available for investment. The aim of raising the level of investment has had to be balanced against a realistic evaluation of the possibilities for increasing the supply of saving. In undertaking this assessment of the level at which the balance between investment and saving should be struck, most plans have stressed that the target set for investment should not be such as to endanger the stability of prices; it has generally been explicitly stated that the financing of higher levels of investment by inflationary means was not an acceptable policy.

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