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World Economic Survey 1967

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Part one: The Problems and Policies of Economic Development: An Appraisal of Recent Experience, examines the principal features of economic progress of developing countries during the period 1955 to 1965. As part of the preparatory work for a second United Nations Development Decade, this review seeks to draw pertinent lessons from the recent experience relating to problems and policies of economic development. Part two: Current Economic Developments, highlights the main features of the world economic situation. The Survey covers the growth of output in 1967 and early 1968, and examines several topics of current concern in the field of international monetary and trade policy, including, inter alia, the devaluation of the pound sterling, reform of the international monetary system, implications of the Kennedy round and trends in regional integration. It further discusses changes in the methods of planning and management in the Union of Soviet Socialist Republics and Eastern Europe.

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The dimensions of recent economic growth

Between 1955 and 1965 the developing countries recorded an average rate of growth in the total output of goods and services of 4.5 per cent a year. Behind this average lies an extraordinarily wide range in economic performance on the part of individual countries. Many made impressive gains in industrial production and in the expansion of the manufacturing sector. Many achieved a rapid increase in export earnings. A number registered significant gains in savings and investment rates. Some raised their agricultural output rapidly enough to sustain a notable rate of increase in both exports and domestic consumption. At the other end of the scale, however, were countries in which some or all of these indicators of development lagged far behind the average while, in a few cases, they even fell below the growth in population.

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