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.



The multilateral approach to development finance

The present involvement of the international community in the financing of economic development had its origin in the Second World War but its growth is essentially a post-war phenomenon. Beginning with an emergency concern over problems of reconstruction, reparation of war damage, the settling of displaced persons and the supplying of the essential requirements of areas in which production had been severely disrupted, this involvement has extended and deepened steadily, ramifying to problems of greater complexity and longer-range implications than those dealt with in the earlier phase of relief and rehabilitation. It has widened in two distinct but interrelated ways, one dealing directly with the actual financial and physical transfer of resources and the other dealing with the less tangible but no less important questions of principles, national policies and international guide-lines. The former has meant the creation of a variety of institutions within which nations collaborate on transfer operations. The latter has meant a regular review of the global distribution of incomes, and a continuing debate on how higher-income countries might make available capital and knowledge to low-income countries and on the complementary problem of ensuring the most effective utilization by the recipient countries of the external resources so provided.


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