Economic and Social Survey of Asia and the Far East 1957

image of Economic and Social Survey of Asia and the Far East 1957

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.



Growth and structural change in a private enterprise economy (Japan)

For the Japanese economy, 1957 was a time for pause and re-orientation. During the preceding two years, the economy had been running continuously at high speed. The scale of economic activities, as measured in terms of real national income, had expanded at a remarkably rapid rate—by 11 per cent in fiscal year 1955 and 9.8 per cent in fiscal year 1956. This was by far the highest increase among industrial countries. In 1956, industrial production had risen by 23 per cent over the previous year, and in July 1957 it was still running at 14 per cent above the level reached twelve months earlier. In the latter half of 1956, however, there were indications that this rate of expansion could not be maintained if the country were to avoid serious consequences such as bottleneck inflation and growing deficits in the balance of payments. In 1957, therefore, the logic of economic events forced Japan to pay renewed attention to problems of economic growth and to re-examine the foundations of its economy.


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