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Adjustment Experience and Growth Prospects of the Semi-Industrial Economies

机译：半工业经济的调整经验与增长前景

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During the decade of the 1970s, the world economy was beset by a series of disturbances which adversely affected the non-oil developing countries; rising prices for their oil imports, slower OECD growth and reduced demand for their exports resulted in a deterioration in the external position of many of these countries. The more advanced developing countries (those known as semi-industrial countries, or SICs) out-performed all other non-oil countries in adjusting to the deterioration in the external environment which they faced. Through a combination of demand management, structural adjustment, and increased external borrowing from commercial sources, a number of these countries were able to expand investment, output, and employment while simultaneously strengthening their external position. This paper presents an analytical framework for quantifying the relative importance of demand management (absorption) and structural adjustment (expenditure and output switching between tradeable and non-tradeable goods, and accelerated growth of output) in the adjustment process. (Copyright (c) 1981 by The World Bank.)

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