Public and Private Savings of Selected Developing Countries in the First UN Development Decade

Paul Jonas, Anjum Nasim

Abstract


The developed countries contain about one-third of the world
population and they produce more than 80 percent of Gross World Product
(GWP). The remaining two-thirds of the population of our Globe who lives
in Asia, Latin America and most of Africa produces less than 20 percent
of the GWP. A small segment of the population of these countries is
wealthy but the over¬whelming majority subsists on substandard incomes
and is characterised by mass illiteracy, mal-nutrition, bad housing and
lack of medical care. Because of these characteristics they have low
productivity, which yields low level of income; low incomes, in turn,
imply a small capacity to save resulting in an economic situation where
there is barely a possibility to moblize resources for development. The
question has often been raised: 'Is there way out for the developing
countries' ? 1960s were declared as the First UN Development Decade and
it was hoped that during these years the pre-conditions for a successful
development would be established in various developing countries. The
present study analyses data on public revenue, public expenditure,
public savings and private savings for 12 selected developing countries
pertaining to the years of the First U.N. Development Decade. The
general conclusion that emerges from the study clearly suggests that
with appropriate economic policies resources for development can be
mobilized in the developing countries.

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DOI: https://doi.org/10.30541/v15i4pp.446-457

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