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Finance & Development, March 1975
Article

From the Editor

Author(s):
International Monetary Fund. External Relations Dept.
Published Date:
March 1975
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Sources and Notes

Population Sources: World Bank, Population and Human Resources Division and Economic and Social Data Division.

Notes: Data for 1966-71 obtained from SE Data Bank. For 1972 and 1973 growth rates are estimated from 1965-71 trend. Population estimates for 1978 are based on a Population Projection Model with moderately declining fertility. Country coverage includes all countries and territories. Growth rates are average annual rates of growth.

GNP (at average 1967-69 prices and exchange rates) Sources: World Bank Economic and Social Data Division, International Economy Division, and “Expenditure Trends in OECD Countries, 1960-80” (OECD, July 1972).

Notes: Developed countries: GDP estimates of individual countries for 1967-69 at the average 1967-69 prices and exchange rates adjusted to GNP; these GNP estimates are subjected to real growth rates available for 1966-71 to obtain GNP for those years; and to real growth rates obtained from IE Division, which are based on OECD data, for GNP estimates for 1972-78. Country coverage includes the OECD countries (excluding Spain, Greece and Turkey), plus Australia, New Zealand, and South Africa. * Growth rates are average annual rates of growth.

Developing countries: Data for most of the developing countries (comprising 97 per cent of GNP in 1967-69) are obtained from the CPP System and supplemented by estimates of GNP for other countries. Country coverage includes market economies except the developed economies above mentioned plus Yugoslavia and Cuba. Growth rates are average annual rates of growth.

The countries included in the oil producing group are: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libyan Arab Republic, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. All others were grouped according to per capita income of 1972; higher income—over $375; middle income—between $200 and $375; lower income—under $200.

Other countries: Data adjusted to 1967-69 base from basic estimates of GNP at 71 prices and exchange rates by GNP deflators (or where not available by Net Material Product deflators). Annual GNP estimates for 1966-71 have been obtained by applying growth rates. Country coverage includes all countries with centrally planned economies excluding Cuba and Yugoslavia. Growth rates are average annual rates of growth.

GNP per capita (at average 1967-69 prices and exchange rates) Sources: World Bank, Economic and Social Data Division.

Notes: Obtained by dividing GNP data from above by aggregate population figures of countries for which GNP data are available. Growth rates are average annual rates of growth.

* Portugal is included and appears on the map as a developed country.

A major short-term issue facing the international community is how to provide for the countries “most seriously affected” by current economic difficulties—the MSA countries, as they are called—so adding a new acronym to international aid literature. Some present policies are aimed specifically at doing something for these countries. H. Johannes Witteveen, Managing Director of the International Monetary Fund, announced in January that the Interim Committee had agreed to set up a Special Account in the Fund to reduce the burden of interest of the MSA countries when they used the oil facility.

The longer-term requirements for funds by developing countries are not likely to diminish. The World Bank’s role in providing some of these funds as well as technical help for economic development and for the reduction of inequities in the distribution of wealth and income is growing in importance. This journal will continue to provide an account of the progress of both the short-term and long-term plans of both the Fund and the Bank in the difficult, and constantly changing, economic climate of the present time.

The first issue of our twelfth volume contains four studies relating to taxation, budgetary reform, and exchange facilities in developing countries, and a survey of domestic construction industries in those countries. The article on incomes policy discusses the merits of one well-tried approach to control of inflation. In the article based on a chapter in Mr. Gold’s book, the history and present status of the rules affecting membership of the International Monetary Fund are reviewed. There is also a report by Mr. Varon on the issues discussed between nations at Caracas concerning the international use of the seas and oceans.

This list gives some indication of the wide range of topics with which the Fund and the Bank deal in their continuing operations. Their more specific actions and organizational changes are recorded in the sections of the journal that relate to Fund and Bank activities.

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