This paper discusses economic and financial difficulties that will undoubtedly continue to confront them, although it is to be expected that renewed expansion in world trade will ease the decline in export earnings which they have recently suffered. Much effort will be needed nationally and...

This paper highlights some particularly sharp movements in the effective exchange rates of a number of the currencies of major industrial countries during 1978 and early 1979. These changes followed sizable, but less pronounced movements in the effective exchange rates of some of these...

This paper describes declining activity that was responsible for a weakening of import demand in the industrial countries. There was also a marked reduction in the growth of the volume of imports by the non-oil developing countries, notwithstanding a substantial increase in external borrowing at...

This paper highlights information available to the IMF from a number of sources, including that provided in the course of consultation visits to member countries, and it has been prepared in close collaboration with national authorities. Measures intensifying members' trade restrictions are...

This paper discusses relaxation of restrictions in most cases that applied to trade; in some countries there was also liberalization with respect to invisibles. Yugoslavia introduced a major revision of its trade and payments system at the beginning of 1967 and has initiated steps to reduce its...

This paper focuses on progress in reducing or eliminating exchange restrictions that has been substantial and has been made on a wide front; retrogressions have been comparatively few. The beneficial effects of the widening scope of currency convertibility have been felt in many areas, and the...