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World Economic Survey 1965

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Part one: The Financing for Development, deals with an issue that has been a matter of long-standing concern in various United Nations bodies, namely the financing of economic development. The Survey discusses the problem of increasing the volume of savings available to the developing countries, examining trends and sources of savings in the period 1953-1955 to 1962-1964. Finally, the Survey offers a perspective on economic development financing. Part two: Current Economic Developments, discusses the economic events of 1965 and early 1966, summarizing the principal developments in the world economies, including the major developments in the industrially advanced market economies that led to the adoption of disinflationary policy in some and deterioration in the external balance in others. The Survey also highlights the current developments in the centrally planned countries and reviews the new five-year plans of economic development.

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Some problems of external finance

Two of the characteristics of the resource flows discussed in the previous chapter have proved to be particularly troublesome. The fact that the transfers are not all in a freely usable “liquid” form but are for the most part either in goods and services or in restricted types of credit has given rise to various utilization problems. And the tendency for the amount lent to grow more rapidly than the amount given has accentuated the problem of debt and its servicing.

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