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Quarterly economic review number four (anglais)

This report, Quarterly Economic Review No 4, was prepared in June 1956, by the staff of the Department of Operations for Asia and The Middle East. The report covers the following nations: Ethiopia, Egypt, Lebanon, Syria, Pakistan, India, Ceylon, Burma, Thailand and Japan. In Ethiopia, economic conditions continued to be stable, although there were deteriorations in its balance of payments on current account and in the Government’s fiscal position. In Egypt substantial budget and balance of payments deficits are continuing. Large capital goods requirements for public investment projects and heavier defense expenditures are mainly responsible for both the budget and balance of payments deficits. As for Lebanon, no sign of slackening in the growth of the Lebanese economy has appeared since 1955 when the national income. However, prices rose in the first two months of 1956 and the expansion of bank credit, combined with a tighter budget situation because of larger expenditure commitments, is of some concern. Syria seems to have by the middle of 1956, overcome some of the difficulties which in 1955 threatened her monetary stability and weakened her international payments position. Internal credit restrictions, a larger cotton crop than had been anticipated, as well as new arrangements providing for increased foreign exchange receipts from oil transit royalties and intensified import restrictions appear to have been the principal factors in bringing about this improvement. In Pakistan, a bank mission was reassessing Pakistan’s economic position, and the following comments are, therefore, confined to an outline of the Five-Year Flan recently announced by the Government. However, it is noteworthy that Pakistan's gold, dollar and sterling reserves continued to increase through March. There was also a bank mission in progress to India, but the review of India assessed that the most significant development in the first quarter of 1956 was an increase of the money supply largely as a result of the need for crop finance combined with other seasonal requirements for funds to settle tax and year-end obligations. Ceylon’s fortunes took a downturn in the March quarter, as value of Ceylon's exports declined quite sharply during the first quarter of 1956 by. A sharp decline in the export volume of rubber was chiefly responsible. Burma also did not have complete information as of the writing of this review, but the information available stated that the tentative data on Burmese rice exports for this period indicate a possible increase in quantity as compared with the first quarter of 1955 and rice export prices have risen since February. An agreement with India provides for the delivery by Burma of half a million tons of rice per year. Capital expenditures of the government were reduced between the two periods. Current revenues were also down because of reduced imports and consequently lower customs receipts. As for Thailand in 1955, she had a moderate improvement in foreign trade and though more of her internal budgetary deficit was financed by Central Bank advances and no serious inflationary impact resulted. This was a hopeful sign by many bank analysts. Japan achieved record levels of agricultural and industrial production. Although the availability of bank credit was eased considerably, the expansion of available commodities apparently kept pace with the money supply and no marked increase in prices occurred.

Information

  • Date du document

    1956/06/30

  • Type de document

    Rapport économique ou sectoriel antérieur à 2003

  • Numéro du rapport

    AS53

  • Volume

    1

  • Total Volume(s)

    1

  • Pays

    Asie,

    Moyen-Orient et Afrique du Nord,

  • Région

    Asie de l’Est et Pacifique, Asie du Sud, Moyen-Orient et Afrique du Nord,

  • Date de publication

    2010/06/12

  • Disclosure Status

    Disclosed

  • Titre du rapport

    Quarterly economic review number four

  • Mots clé

    balance of payment;Foreign Exchange Reserve;development of mineral resource;cost of living index;holdings of government security;availability of bank credit;balance of payment data;money supply;terms of trade;foreign exchange budget;errors and omission;agriculture and industry;currency in circulation;foreign exchange balance;gross national product;wholesale price index;increase in quantity;supply of money;expenditure of money;construction of houses;public sector expenditure;surplus agricultural commodity;standard of living;increase in population;per capita income;agricultural production index;Balance of Trade;foreign exchange assets;inland water transport;improved water supply;fruit and vegetable;foreign exchange position;official foreign exchange;foreign exchange requirement;expansion of export;foreign exchange receipts;improvement of road;foreign exchange control;expansion of imports;production and export;acres of land;increase in prices;foreign currency debt;national income;crop year;foreign asset;export price;industrial production;cotton export;trade balance;cotton production;cash balance;consumer good;oil transit;export volume;trade surplus;demand deposit;Monetary Stability;bond issue;capital expenditure;cotton crop;export earning;trade deficit;local production;private investment;principal factor;internal finance;dollar area;free market;export earnings;foreign bank;crop failure;raw material;consumer goods;limited information;industrial commodity;price control;textile goods;corporate income;french franc;oil company;current expenditure;oil companies;cash holding;public debt;import financing;government receipt;banking system;public deposit;rice production;Union of bank;foreign trade;budgetary deficit;inflationary impact;credit institution;budget deficit;institutional mean;market price;trade agreement;import good;import restriction;oil revenue;cereal crop;government borrowing;inflationary pressure;rubber prices;government expenditure;cash settlement;living standard;public saving;productive activity;import control;trade debt;bilateral settlement;monetary policy;oil royalties;sterling area;grant aid;consumer price;fiscal operation;sinking fund;large business;textile machinery;automotive equipment;building material;town water;tax receipt;wheat crop;lebanese pound;monetary reserve;foreign traveler;insurance companies;capital good;cash position;inheritance tax;future prospect;trade datum;textile product;price level;Tax Reform;defense expenditure;Exchange Rates;principal export;average price;budget situation;food price;domestic saving;fiscal position;private saving;public expenditure;local branch;market reach;national economy;settlement program;transport equipment;expenditure commitment;price rise;export policy;small irrigation;development policy;free rate;increasing exports;partial compensation;capital movement;economic prosperity;reserve position;credit condition;railway track;rolling stock;productive capacity;credit balance;installed capacity;rural area;flood regulation;real wage;extension program;food grain;oil seed;broadcasting facilities;treasury bill;food supply;borrowing authority;irrigation development;

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