Miscellaneous - This Day That Age   

dated March 6, 1958: Dealing with recession

In a speech prepared for the opening of the 14th session of the Economic Commission for Asia and the Far East (ECAFE),Mr. Philippe de Seynes, Under Secretary of Economic and Social Affairs, personally representing the Secretary General Mr. Dag Hammarskjoeld, said in Kuala Lumpur (Malaya) on March 5 that the American recession represented a “more serious challenge to national and international statesmanship than any other economic downturn since the Second World War.” Mr. de Syenes said it was a test both of the ability to diagnose the extent of the malady correctly and of the efficacy of measures which would be taken to deal with it.” At the same time he said there was no disagreement anywhere that a repetition of the recession of the 1930s “could virtually be ruled out.” He added that all governments had every reason to shorten the duration of every recession as much as they could “by increasingly active measures until the tide is turned.”

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