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Category Archives: International

Could the UK be consigned to the “slow lane of history” for the next 40 years?

The global financial crisis has accelerated the shift in economic power to the emerging economies, according to a report published by consultants PricewaterhouseCoopers (PwC) today. This is one of the conclusions from their “The World in 2050” report. This suggests that the so-called E7 group of emerging economies (China, India, Brazil, Russia, often referred to as the BRICs, with Mexico, … Continue reading

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“Near to impossible” to achieve all Millennium Development Goals

UNCTAD Secretary-General Supachai Panitchpakd, Secretary-General of Unctad, said in opening the organization’s symposium in Geneva yesterday that since the crisis hit in 2008, some 53 million people in the developing world have fallen below the poverty line “and more than 100 million additional people are going hungry.  These numbers are not moving in the right direction.” “Prior to the crisis, … Continue reading

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Trade continues to grow in G7 countries

Export volumes of merchandise trade were up 3.9% in the fourth quarter of 2009, whilst import volumes grew by 3.1%, according to new figures from the OECD. The biggest increases were in the US and Japan where export volumes rose by 6.4% and 6.1% respectively, and import volumes rose by 3.4% and 3.0% respectively. However, when we compare these figures … Continue reading

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Concern at expected fall in overseas aid this year

 Aid to developing countries in 2010 will reach record levels in dollar terms after increasing by 35 per cent since 2004. But it will still be less than the world’s major aid donors promised five years ago at the Gleneagles and Millennium and five additional summits. Though a majority of countries will meet their commitments, the underperformance of several large … Continue reading

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Developing countries hit by falling FDI inflows

Developing countries have not been immune from the global recession or the fragile nature of financial markets. In fact, net private capital inflows to developing countries fell to $707 billion in 2008, which was a severe drop from the peak figure of $1.2 trillion in 2007. It is projected that international capital flows will fall further in 2009 to $363 … Continue reading

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Will the rise in the oil price continue?

According to the Organisation of Petroleum Exporting Countries (OPEC) the answer is “yes”.  After prices fell last year from $150 a barrel to $30 a barrel, there has been a recovery. Yesterday, oil prices rose above $65 a barrel and the secretary-general of OPEC said that “We are beginning to see light at the end of the tunnel.” The organisation … Continue reading

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Warning of protectionist dangers from World Trade Organisation

In a recent report by Pascal Lamy, director-general of the World Trade Organisation (WTO), he noted the likely depth of the current recession and its impact on world trade. He said that in such circumstances “a large premium must be attached to avoiding policies that restrict world trade”. Although he could not see any immediate descent into high intensity protectionism … Continue reading

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World Bank slashes forecasts for growth and trade

The World Bank now predicts that global GDP growth will now contract by 1.7% in 2009, which means that world output will contract for the first time since the 2nd World War.   According to Hans Timmer, Manager, Global Trends in the World Bank’s Development Prospects Group: “Even if global growth turns positive again in 2010, we are not yet … Continue reading

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G20 is a hit, but Brown’s battleship stays afloat

“This is the day that the world came together to fight back against the global recession, not with words, but with a plan for global recovery and for reform and with a clear timetable for delivery,” was the way Gordon Brown summarised the outcome of the G20 summit in London.   According to the communiqué issued in the name of … Continue reading

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Development aid reaches its highest level ever

Figures published by the OECD yesterday show that total net official development assistance (ODA) from members of the OECD’s Development Assistance Committee (DAC) rose by 10.2% in real terms in 2008 to reach $119.8bn. This is the highest dollar figure ever recorded. In total, it represents 0.30% of member countries combined gross national income (GNI).   This is great news … Continue reading

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