This paper examines the importance of national planning for economic development of a country. The paper highlights that when World War II began, Soviet Russia was the only country engaged in systematic development planning, and then only since 1929, when its First Five-Year Plan was approved. At the end of the War, Asian countries that either had, or were about to, become independent, embraced planning to a much greater extent than countries in any other region.
International Monetary Fund. External Relations Dept.
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Oya currently heads the Multilateral Surveillance Division in the IMF’s Research Department. Prior to that, she was the chief of the World Economic Studies Division, which produces the World Economic Outlook (WEO), between 2015 and 2019. She will soon be moving to the IMF’s European Department to take on a new role as the mission chief to Germany. In this interview with Deniz Igan, Oya tells us about her journey as an economist and the process through which original research feeds into the Fund’s assessment of the global economic outlook and policy recommendations.
The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.
This paper highlights the sources of payments problems in less developed countries. Growth in the industrial countries has a direct impact on the current account of the developing countries through its influence on both the prices and volumes of their exports. An increase in the real effective exchange rate is clearly a fundamental determinant of a deteriorating current account since, other things being equal, it tends to raise domestic demand for imports and to reduce foreign demand for exports.