This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 1948. The report highlights that during 1947 and in the early part of 1948, considerable progress was made in strengthening the economies that suffered devastation and dislocation as a result of the war. Over the world, generally production rose and recovery continued, despite widespread political tension and conflict, and disturbances. In nearly all countries, however, the need and demand for goods continued to be abnormally great, and there were increasing difficulties in meeting international payments for import surpluses.

With appendices.

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended June 1947. The report highlights that in the two years since the end of the Second World War, considerable progress has been made toward rebuilding the economies of the devastated and disrupted countries, although the work is far from complete. A number of countries in Europe have succeeded in approaching or even exceeding the pre-war levels of industrial production, but in others, output still lags far behind.