UNITED NATIONS MAJOR ECONOMIC CHANGES IN 1948 Department of Economic Affairs Lake Success, New York January 1949 Major Economic Changes in" 1948 Department of Economic Affairs UNITED NATIONS Lake Success, New York January 1949 UNITED NATIONS PUBLICATIONS Sales No.: 1949. n.C. I PREFACE Ma]or Economic Changes in 1948 is the third of a series of reports dealing with world economic conditions, prepared by the Department of Economic Affairs of the United Nations. The first, Economic Report: Salient Features of the World Economic Situation 1945-47, was issued in January 1948; a supple- ment to that report, Selected World Economic Indices, was issued in July 1948. The purpose of the present publication is to make generally available a preliminary review of important economic developments which occurred during 1948. It is being issued at this time in order to provide the Economic and Social Council with a useful factual background for discussion of the current world economic situation at its eighth session in February 1949. A comprehensive economic survey of the world situation will be issued towards the middle of 1949. That survey will take account both of the regional economic reports which will become available during the early months of 1949 from the secre- tariats of the regional economic commissions of the United Nations in Europe, Latin America and the Far East, and of the economic activities of the specialized agencies. Part I of Major Economic Changes in 1948 provides a broad picture of the main economic develop- ments during the year 1948, based on data, necessarily incomplete for the year, which were available at the time the report was prepared. To supplement the general analysis, a considerable volume of detailed factual data is supplied in part II; this section of the report brings up to date the figures contained in the publication Selected Worm Economic Indices, referred to above. The report was planned and prepared by the Division of Economic Stability and Development of the Department of Economic Affairs. Unless otherwise indicated, the statistical tables in part II of the report have been prepared by the Statistical Office of the United Nations. Reports issued by the specialized agencies were drawn upon extensively for information. DAVID OWEN Lake Success Assistant Secretary-General January 1949 in Charge of Economic Affairs CONTENTS PART I GENERAL DEVELOPMENTS Page Introduction ......................................................................................................................................... 1 The world supply of commodities ......................................................................................................... 3 Industrial production ................................................................................................................... 3 World supply of foodstuffs ........................................................................................................... 8 Inflationary and deflationary developments in 1948 ............................................................................ 14 International trade and finance: Major developments ..................................................................................................................... 20 International loans and grants ....................................................................................................... 22 Foreign transactions of selected countries .................................................................................... 24 PaRr II SELECTED WORLD ECONOMIC INDICES General trends of industrial production and employment ................................................................... 34 Food production ................................................................................................................................. 38 Fuel and energy output ......................................................................................................................... 40 Electric power ............................................................................................................................. 41 Crude petroleum ......................................................................................................................... 42 Coal ............................................................................................................................................. 43 Production of raw materials: Iron and steel ............................................................................................................................... 45 Non-ferrous metals ..................................................................................................................... 49 Rubber ..................................................................................................................... : ................ 53 Timber ........................................................................................................................................ 54 Manufacturing activity in selected industries: Textiles ....................................................................................................................................... 56 Motor vehicles ........................................................................................................................... 57 Building and construction activity ................................................................................................ : ........ 58 Transportation .................................................................................................................................... 60 Merchandise trade ............................................................................................................................... 61 International grants and credits ........................................................................................................... 68 Prices and cost of living ................. ...................................................................................................... 73 iv TABLES Page 1. Industrial production: World and national indices ....................................................................... 34 2. Employment: National indices for manufacturing industries ....................................................... 36 3. Unemployment: National totals ................................................................................................... 37 4. Food production: Indices for world (excluding USSR) by area ................................................... 38 5. Grain production: Regional and national indices .......................................................................... 39 6. Fuel and energy production: Indices for world (excluding USSR) and selected areas ................... 40 7. Electricity production: Indices for world (excluding USSR) and selected countries ....................... 41 8. Crude petroleum production: Indices for world and selected countries ....................................... 42 9. Coal and lignite production: Indices for world and selected countries ....................................... 43 10. Steel production: Indices for world and selected countries ........................................................... 45 11. Pig-iron and ferro-alloy production: Indices for world and selected countries ............................... 48 12. Copper production: Indices for world and selected countries ..................................................... 49 13. Zinc production: Indices for world and selected countries ........................................................... 50 14. Lead production: Indices for world and selected countries ........................................................... 51 15. Tin production: Indices for world (excluding USSR) and selected countries ............................... 52 16. Rubber production: Indices forÿnatural and synthetic rubber for world (excluding USSR) ant selected countries ..................................................................................................................... 53 17. Textile manufacturing: National indices ....................................................................................... 56 18. Motor vehicle production: Indices for world (excluding USSR) and selected countries ............... 57 19. Building and construction activity: National indices ................................................................... 58 20. Cement production: Indices for world and selected countries ....................................................... 59 21. Railway freight traffic: National indices of net ton-kilometres ....................................................... 60 22. Estimated world merchandise exports ......................................................................................... 61 23. Merchandise trade: National quantum indices ............................................................................. 62 24. Merchandise trade of the United States, by category of goods ....................................................... 64 25. International transactions of the United States .................... 65 26. Merchandise trade of the United Kingdom, by category of goods ................................................. 66 27. Merchandise trade balances: National totals ............................................................................... 67 28. Post-war international grants and credits by governments ..........................................................