Part one of Major Economic Changes in 1948 provides a broad picture of the main economic developments during the year. It also focuses on the world supply of commodities, inflationary and deflationary developments in 1948, and international trade and finance. Part two of this study analyses selected world economic indices such as general trends in industrial production, food production, fuel and energy output, production of raw materials, and manufacturing activities in selected industries. Part 1. General developments -- Part 2. Selected world economic indices.