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Mr. R. B. Johnston, Mrs. Piroska M Nagy, Mr. Roy Pepper, Mr. Mauro Mecagni, Ms. Ratna Sahay, Mr. Mario I. Bléjer, and Mr. Richard J Hides


This study reviews Albania's historical and political background, as well as economic developments in 1991. It describes the centrally planned economic system up to the onset of reform and analyzes economic performance in the 1980s.

International Monetary Fund. External Relations Dept.

This paper discusses the employment of women in developing countries in the light of recent changes in emphasis on the strategy and objectives of economic development. The paper highlights that in the vast majority of countries—both developed and developing—the role of women is still limited and their responsibilities restricted. This paper examines automated manufacturing techniques in developing economies. The operations and transactions of the special drawing account are discussed. The paper also analyzes Latin America’s prospects for overcoming historical attitudes and other constraints to achieve wider economic integration.

Patrick A. Perry

Ireland embarked upon its Second Program for Economic Expansion at the beginning of 1964,1 against a background of rising output and employment and over-all balance of payments equilibrium. The Program has as its foundation the solid achievements of the Irish economy under the First Program for Economic Expansion, which covered the years 1959–63. The measures taken in that Program had been expected to yield a real growth rate of 2 per cent per annum in national output, about twice the rate achieved, on average, in previous years; actually, gross national product (GNP) rose at an annual average rate of nearly 4½ per cent in real terms (Table 1).

International Monetary Fund. External Relations Dept.
This paper examines the IMF’s role in the changing world. Faced with mounting domestic and external financial imbalances, numerous African countries adopted adjustment programs supported by the use of IMF resources during 1980–81. Considerable emphasis has been given to economic growth in programs under consideration and most aimed for an increase in economic growth during the program year. Although programs generally emphasized an improvement in the external sector position, medium-term considerations did not always allow for an improvement in the current account position.
International Monetary Fund. External Relations Dept.
THE SOVIET experience teaches at least one cautionary lesson: development strategies emphasizing state-administered investment may produce rapid growth at first but are prone to eventual stagnation.
J. van Ypersele

OVER THE PAST FEW YEARS, the member countries of the European Economic Community (EEC) have elaborated a common agricultural policy (CAP), as expressly provided for in the Treaty of Rome, which went into effect on January 1, 1958. This task has proven to be much more difficult than the creation of a common market for industrial goods, because the existing agricultural policies of the member countries, designed largely to protect farm incomes, were so divergent. The long series of negotiations to achieve a common agricultural policy were begun about eight years ago, and, after various crises and round-the-clock sessions, they have now been virtually completed. The CAP becomes fully operative in July 1968.