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UN:
DEVELOPING COUNTRIES' ECONOMIC OUTLOOK POSITIVE FOR FIRST TIME IN THREE
DECADES-UN: 06/9/2007 (MaximsNews.com, U.N.) |
UNITED NATIONS - / www.MaximsNews.com@
U.N./
- 06 September 2007 –
The economic outlook for developing countries
is positive for the first time since the early 1970s, driven in large part by
the growth in China and India, according to an annual report by the United
Nations Conference on Trade and Development (UNCTAD) released yesterday.
Developing
countries – including many of the world’s poorest nations – will see
ongoing benefits from strong demand for primary commodities, and this positive
trend in terms of trade since 2003 has allowed such countries globally to
bolster investment in their economies, said the Trade and Development Report
2007.
Per
capita gross domestic product has increased nearly 30 per cent between 2003 and
2007, compared to 10 per cent for the Group of Seven (G-7) highly industrialized
countries, the Report noted. Overall, the world economy will mark growth for a
fifth consecutive year, with a 3.4 per cent expansion this year.
UNCTAD
warned that a major recession in the United States could lead to diminished
exports for China and India, which are setting the pace for growth of developing
countries.
The
Report also cautioned that North-South bilateral and regional free trade or
preferential trade agreements could prevent poorer nations from developing their
industrial sectors and reduce their control over foreign direct investment.
Instead,
UNCTAD pointed to the example of today’s industrialized and developing
countries which have recorded tremendous economic growth in the past several
years through protection of nascent industries, thus allowing them to hone their
abilities to meet the challenges of international competition.
Additionally,
the Report called for intensified regional cooperation in exchange rate
arrangements as a means to reduce the vulnerability of developing countries. The
absence of appropriate global exchange rate arrangements could lead to exchange
rate instability, especially in developing nations by impeding their overall
competitiveness.
Regional
collaboration could also benefit developing countries in terms of long-term
development, UNCTAD said, as it can help countries build up their economic
capabilities to allow them to compete globally. Such cooperation should include
joint policy action – focusing on macroeconomic, financial, infrastructure and
industrial policies – to boost growth and structural change potential.
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