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Trade and Development Report 2003 It Is Not Enough to Liberalize Trade

By Arda, Mehmet

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Book Id: WPLBN0000204511
Format Type: PDF eBook
File Size: 1.5 MB
Reproduction Date: 2005
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Title: Trade and Development Report 2003 It Is Not Enough to Liberalize Trade  
Author: Arda, Mehmet
Language: English
Subject: Economics, Finance & business, World Bank.
Collections: Economics Publications Collection
Publication Date:
Publisher: The World Bank


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Arda, M. (n.d.). Trade and Development Report 2003 It Is Not Enough to Liberalize Trade. Retrieved from


The report looks at global economic trends and prospects, and examines the frail state of the trade-development relationship. It focuses its analysis on Latin America, where market-led trade reforms have gone furthest but where initial signs of success have not lasted. Recent signs of economic recovery in the United States are to be considered with caution, warns the report. The fact that the economy has avoided a prolonged period of recession is largely due to growing consumer spending. Yet the current recovery, is only temporary; small wage rises, growing unemployment and exploding levels of private and public indebtedness are all ominous signs. The report concludes that only coordinated expansionary policies among leading economies can bring about an orderly rebalancing of economic relations. UNCTAD warns that if decisive action is not taken to restore stability in financial and currency markets, to start a global recovery and reverse the rapid rise in unemployment, there is a real threat that trade imbalances and the coexistence of continued rapid growth in some parts of the world, with stagnation, decline and job losses elsewhere, could deepen the existing discontent with globalization among a wide section of the world?s population, triggering a political backlash and a loss of faith in markets and openness. A case in point is Latin America, where, after two decades of reform, the record in terms of growth, employment and poverty reduction has been disappointing, noted Rubens Ricupero, Secretary-General of UNCTAD. In fact, many countries in the region are facing the same balance-of-payment and debt problems that contributed to the crisis of the early 1980s. Unlike Asia, which continued to industrialize after the debt crisis, many countries in Latin America have suffered a premature deindustrialization marked by sluggish growth and unemployment. Efforts to build technologically sophisticated sectors have been hindered, and weak productivity growth in labour-intensive industries has led to intense competition with cheaperlabour economies.


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