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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.

Accounting --- Cement --- Ceramics --- Commodities --- Currencies --- Currency --- Deflation --- Exchange rates --- Expenditure --- Expenditures, Public --- Exports and Imports --- Exports --- Finance, Public --- Foreign Exchange --- Foreign exchange --- Glass --- Gold --- Government and the Monetary System --- Inflation --- International economics --- International trade --- Investment & securities --- Investments: Metals --- Macroeconomics --- Metals and Metal Products --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Money --- Multiple currency practices --- National Government Expenditures and Related Policies: General --- Payment Systems --- Price Level --- Public expenditure review --- Public finance & taxation --- Public Finance --- Regimes --- Standards --- Trade: General --- United States