Economic and Social Survey of Asia and the Far East 1956
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Economic and Social Survey of Asia and the Far East 1956

This latest edition of the Survey analyzes current economic and social developments in the region against the background of events in the world economy. It also focuses on the serios problems of growth and transformation of the area's least developed and Pacific Island developing economies.

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The year under review was marked by two unfavourable developments of external origin. One was the fall—amounting to 13 per cent in the first nine months of the year—in the terms of trade; however, since the terms of trade had risen to their post-war peak in 1955, the fall, though substantial, left them far above the recession levels reached in 1952 and 1953. The second was the closure of the Suez Canal in November 1956. For a trading economy, the bulk of whose trade passed through the canal, this was a disturbing blow. It not only interrupted and delayed the flow of exports and imports, but also increased freight and insurance costs.