Bank for International Settlements

Extract

The twenty-second annual report of the Bank for International Settlements, covering the period from April 1, 1951, to March 31, 1952, was made public in June 1952. The report noted that in the first half of 1950, immediately prior to the outbreak of fighting in Korea, a real approach had been made throughout the world toward economic balance; the equilibrium had not, however, been too secure. The effects of the double impact of Korea and the rearmaments efforts of the west, with accompanying increases in imports and rise in prices of raw materials, had finally been arrested only in early 1951.