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World Economic Survey 1965

image of World Economic Survey 1965

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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Summary and conclusions

The problems faced by the developing countries in financing their economic growth may be very simply stated. In order to increase the volume of goods and services available to its population, a developing country has to expand its productive capacity. This means devoting more of its resources to capital formation and adjusting its level of consumption accordingly. Increasing the rate of investment in an economy with a relatively low degree of industrialization involves ensuring both the necessary level of saving and the necessary volume of foreign exchange for importing the required plant and equipment. It also entails the provision of the necessary volume and assortment of other resources, including human skills, to complement the available capital. And in all three respects serious obstacles have to be overcome.

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