Trade and Development Report 2018
- Power, Platforms and The Free Trade Delusion
- Report by the Secretariat of the UNCTAD
Trade and Development Report 2017
- Beyond Austerity: Towards
a global new deal
- Report by the Secretariat of the UNCTAD
2013 - Adjusting to the changing dynamics of the world economy
Five years after the onset of the global financial crisis the world economy remains in a state of disarray,
with global output growing at around 2 per cent and global trade growth virtually grounding to a halt,
the Trade and Development Report (TDR) 2013 stresses. Growth remains subdued in developed countries, where
labour market conditions, fiscal tightening and on-going deleveraging hinder domestic demand. With an external
economic environment showing few signs of improvement, developing and transition economies could not avoid growth deceleration.
Prior to the Great Recession, buoyant consumer demand in the developed countries seemed to justify the adoption
of an export-oriented growth model by many developing and transition economies. But that expansion was built
on unsustainable global demand and financing patterns. Thus, reverting to pre-crisis growth strategies cannot be an option.
The Report notes that to adjust to what now appears to be a structural shift of the world economy, fundamental
changes in prevailing growth strategies are needed.
TDR 2013 notes that developed countries must address the fundamental causes of the crisis: rising
income inequality, the diminishing economic role of the State, the predominant role of a poorly regulated
financial sector and an international system prone to global imbalances; while developing and transition
economies that have been overly dependent on exports need to adopt a more balanced growth strategy that gives a greater role to domestic and regional demand.
2012 - Policies for Inclusive and Balanced Growth
12 Sep 2012, full text
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The world economy, which continues
to suffer from the fallout of the financial crisis that began in
late 2007 and the meltdown in September 2008, has not been able to
revive the growth conditions
of the preceding decade. Those conditions had been particularly
supportive of economic and social
progress in the developing world, and the resulting momentum,
especially in some of the larger
developing countries, helped to stoke recovery in the world economy
once the worst of the crisis had
been contained. However, those countries are now losing that momentum
and downside risks for the
world economy are growing again.
The immediate problem is the inability of the developed countries to
return to a normal growth
pattern, but there is also an equally serious problem of contagion.
Amidst their fragile recovery, an
unreformed (and unrepentant) financial sector and macroeconomic
policies that are timid at best, and
counterproductive at worst, the developing countries will find it
difficult to sustain their own growth
dynamic, let alone that of the global economy.
1981–2011:
Three Decades of
Thinking Development
- 23 April 2012
A recurrent aspect of the TDR has
been its, frequently implicit, discussion of the role of the State in
economic activity, in general, and in economic development, in
particular. The TDR has distinguished itself from reports of other
organizations in taking a prudent attitude towards the merits of the
free market. However, it has never served as an agent in favour of an
“antimarket” ideology. Rather, it has aimed at promoting well-targeted
pragmatism in policy-making.
The concern of the TDR has not been “State vs. market”, but effective
policy vs. “market fundamentalism”. Accordingly, it has tried to help
developing countries to create what is sometimes called a
“developmental state”. In this regard the TDR has remained consistent
over the 30 years of its existence.
2011: Post-crisis Policy
Challenges in the World Economy
- 6 September 2011
Economic
integration and interdependence in the world today have reached an
unprecedented
level. As a result, the globalized economy cannot function for the
benefit of all without international
solidarity and cooperation. This was highlighted by the global
financial and economic crisis that
followed the collapse of big financial institutions, and it has
underlined the need for developing
approaches to new forms of global collaboration. The G-20, which has
become a leading forum for
international economic cooperation, successfully coordinated an
immediate policy response to the
crisis, or “Great Recession” as it is now called. Coordinated monetary
policy easing by leading
central banks marked the first step, with most members of the G-20
launching large fiscal stimulus
packages as well as emergency support programmes to restore financial
stability. The aggregate
impact of these measures stopped the economic freefall and won
policymakers an important first
round in battling the crisis.
However, despite intense discussions, little progress, if any, has been
achieved in major areas that were also of concern to the G-20. These
include financial regulation,
inter alia for tackling problems related to the “financialization” of
markets for many primary
commodities, and, even more importantly, reform of the international
monetary system for curbing
volatile short-term capital flows that are driven mainly by currency
speculation.
2010:
Employment, Globalisation and Development
The global upturn from what is considered the worst economic and
financial crisis since the
1930s remains fragile, and a premature exit from demand-stimulating
macroeconomic policies
aimed at fiscal consolidation could stall the recovery. A continuation
of the expansionary
fiscal stance is necessary to prevent a deflationary spiral and a
further worsening of the
employment situation.
It is becoming clear that not all countries can rely on exports to
boost growth and employment;
more than ever they need to give greater attention to strengthening
domestic demand. This is
especially true today, because it is unlikely that the United States’
former role as the global
engine of growth can be assumed by any other country or countries. The
shift in focus on
domestic-demand-led growth is necessary both in developed and
emerging-market economies
with large current-account surpluses and underutilized production
potential in order to
prevent the recurrence of imbalances similar to those that contributed
to the outbreak of
the global financial crisis. But it is also important for many
developing countries that have
become heavily dependent on external demand for growth and for creating
employment for
their growing labour force.
2009:
Responding to the global crisis Climate
change mitigation and development
Speculators may do no harm as bubbles on a steady stream of enterprise.
But the position is serious
when enterprise becomes the bubble on a whirlpool of speculation. When
the capital development of a
country becomes a by-product of the activities of a casino, the job is
likely to be ill-done. The measure
of success attained by Wall Street, regarded as an institution of which
the proper social purpose is
to direct new investment into the most profitable channels in terms of
future yield, cannot be claimed
as one of the outstanding triumphs of laissez-faire capitalism – which
is not surprising, if I am right in
thinking that the best brains of Wall Street have been in fact directed
towards a different object.
J.M. Keynes, The General Theory of Employment, Interest and Money (1936:
159)
2008:
Commodity prices, capital flows and the
financing of investment
Since 1999,
many developing countries have registered strong
improvements in their external
balances, and their aggregate current account has swung into
surplus. As a result, as a group they have become net exporters of
capital to developed
countries. Many of them, particularly a
number of fast growing exporters of manufactures, owe this
situation to their successful global
integration and to a reorientation of their macroeconomic
policies towards a greater focus on
competitive exchange rates. In other countries, substantially
increased earnings from primary
commodity exports have also led to stronger current-account
positions.
But the situation is fragile: uncertainty and instability in
international financial, currency and
commodity markets, coupled with doubts about the direction of
monetary policy in some major
developed countries, are contributing to a gloomy outlook for
the world economy and could
present considerable risks for the developing world. Many
developing countries that have seen improvements in their terms of
trade in recent years remain
highly vulnerable to a possible
prolonged global slowdown and an end to the commodity boom. For
a number of them, higher
prices of their net food and energy imports have already created
a heavy burden, particularly for
the poorer segments of their populations, seriously jeopardizing
progress towards meeting the
Millennium Development Goals (MDGs) set by the United Nations in
2000.
2007:
Regional cooperation for development
The Trade
and Development Report 2007,... recommends that developing countries
should strengthen regional cooperation with other developing countries,
but proceed carefully with regard to North-South bilateral or regional
preferential trade agreements. Such agreements may offer gains in terms
of market access and higher foreign direct investment, but they can
also limit national policy space, which can play an important role in
the medium- and long-term growth of competitive industries
2006: Global partnership
and national policies
for development
"The
rules and commitments of the international trading regime restrict the
de jure ability of developing nations to adopt national development
policy".
"Rules and commitments, which in legal terms are equally
binding for all countries, in economic terms might impose more
binding constraints on developing countries"(p. 167)
2005: New
Features of Global Interdependence
"Natural-resource
endowments determine the degree to which self
sufficiency
in food and raw materials is compatible with rapid industrial
development and growth ... but the balance-of-payments constraint
limits import growth." (p. 52)
2004:
Policy coherence, development strategies and integration into the world
economy
"The
search for economic
stability is not between
autarky and surrendering
national sovereignty to the
expansive logic of markets." (p. 97)
2003: Capital
Accumulation, Growth and
Structural Change
With the
leading industrial countries still not pulling in the same direction,
prospects for much of the developing world are clouded by tensions in
the trading system, volatility in the currency market and deflationary
pressures. This year´s Report traces the difficulties back to
the pattern of global trade and financial flows in the 1990s. But the Report
also asks whether market-led reforms adopted in many developing
countries after the debt crisis of the early 1980s have strengthened
these countries´ ability to withstand external shocks.
2002:
Developing Countries in World Trade
The Trade
and Development Report 2002 analyses trends and outlooks for the world
economy and focuses on export dynamism and industrialization in
developing countries. It demonstrates that, although integration into
world trade is essential, it is not in itself sufficient for ensuring a
country´s development. The Report questions the conventional wisdom
that export growth and foreign direct investment (FDI) automatically
generate commensurate income gains.
2001:
Global Trends and Prospects - Financial Architecture
International
economic issues touch the lives of people everywhere.
Whether grappling with the challenges posed by new information
technologies, seeking to draw policy lessons from financial crises in
emerging markets, or assessing the possible impact of China´s entry
into the World Trade Organization, we look to economics as a guide in
our rapidly changing world. The poorest nations especially require a
clear economic road map if they are to make progress against the
persistent problems of hunger, ill health and social insecurity.
2000:
Global Economic Growth and Imbalances
Even as the
digital age creates new opportunities, financial fragilities in the
world economy continue to constrain policy makers everywhere. Given the
severity of East Asia´s financial crisis, much of the focus and concern
in recent years has been on developments in the region.
This year´s Report takes a careful look at the forces driving the
recovery in East Asia, its weakness and the long-term prospects and
policy for sustained growth and development.
1999:
Fragile Recovery and Risks - Trade Finance and Growth
The 1999
Report makes compelling reading for those seeking answers to some of
the most pressing policy challenges in today´s rapidly changing global
economy.
The Report offers: A detailed empirical analysis of the links between
economic growth, external deficits and instability in developing
countries over the past three decades. - An explanation of why trade
rather than augmented private capital flows is the more secure basis
for development in the South, outlining a positive trade agenda for
developing countries in the next round of trade negotiations. - A
comparison of recent financial crises in Asia, Russia and Latin
America. - An extensive discussion of trends in the world oil market
and its impact on oil exporters and importers.
1998:
Financial Instability, Growth in Africa
The 1998
Report makes compelling reading for those seeking answers to some of
the most pressing policy challenges in today´s rapidly changing global
economy.
The Report offers:
An in-depth analysis of the causes and consequences of the financial
turmoil currently sweeping across the global economy - New ideas on
reforming the international financial system to diminish the chances of
future crises and to ensure their better management if they do occur -
A fresh approach to development prospects in Africa and the kind of
policy measures and institutional reforms that might help to revitalize
investment and sustain growth across the region
1997: Globalization,
Distribution and Growth
The 1997
Report makes compelling reading for those seeking new knowledge and
insights into the effects of globalization. The Report offers in-depth
analyses of:
The impact of globalization on income distribution and economic growth
Polarization and income inequality among and within countries
The links between profits, income levels and investment in today´s
globalizing world
1996:
Globalization and the poor
The UNCTAD
Trade and Development Report, 1996 (TDR) makes compelling reading for
those seeking to go beyond mainstream analysis of globalization and its
impact on the world economy. Will globalization improve the lives of
the two billion poor in the developing world? What are its costs? What
are its prospects in terms of employment in the North? TDR 96 provides
thought-provoking answers to these questions.
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UNCTAD
X: documents and papers
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UNCTAD investment brief, No. 1,
2007, Foreign direct investment surged again in 2006
(UNCTAD/ITE/IIA/MISC/2007/2)
01/02/07, 2 Pages, 58 Kb
Transport Newsletter, No. 34,
Fourth Quarter 2006 (UNCTAD/SDTE/TLB/2006/5)
31/01/07, 21 Pages, 466 Kb
World economic situation and
prospects 2007 (WESP/2007)
Sales no.: E.07.II.C.2
01/01/07, 177 Pages, 1913 Kb
UNCTAD investment brief BRIEF,
No. 5, 2006, Top TNCs present in 40 host countries on average
(UNCTAD/WEB/ITE/IIA/2006/10)
01/12/06, 2 Pages, 55 Kb
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