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Category Archives: World Trade

High trade growth for least-developed countries

The value of the total exports of least-developed countries (LDCs) including goods and commercial services, grew by 23.9 per cent in 2011 to reach US$229.8 billion, according to the World Trade Organisation (WTO). However, the LDC coordinator in the WTO, pointed out that “a lot remains to be done”. LDCs’ exports of manufactured goods and commercial services expanded by 24.8 … Continue reading

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World trade is being hit by the slowdown in global growth

The World Trade Organisation (WTO) has just slashed its forecasts for world trade expansion for this year to 2.5% from their previous forecast of 3.7% made in Arpil. Similarly their forecasts for 2013 have been reduced to 4.5% from 5.6%. “In an increasingly interdependent world, economic shocks in one region can quickly spread to others. Recently announced measures to reinforce … Continue reading

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Protectionist pressures increasing

G20 governments have introduced more trade barriers, including export restrictions, in the past six months than in previous periods since the financial crisis began. This is according to a report by the World Trade Organization, the Organisation for Economic Co-operation and Development and the UN Conference on Trade and Development released yesterday. Although measures to lower trade barriers are also … Continue reading

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Call for new world currency by IMF

Dominique Strauss-Kahn, managing director of the International Monetary Fund (IMF) has called for a global currency based on the IMF’s Special Drawing Rights (SDRs). These were created by the IMF in 1969 and were initially intended to be the major asset to be held in foreign exchange reserves under the Bretton Woods fixed exchange rate system. However, the fixed rate … Continue reading

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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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The truth about global exports

When we try to explain Ricardo’s theory of comparative advantage we invariably use a two country, two product example. Two hundred years ago, when Ricardo first put forward his theory of international specialisation and trade, it was really that simple. We produced something wholly within our country and sold it to their country. They produced something different, completely within their … Continue reading

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International Monetary Fund powerless to act

The word ‘war’ has been on the lips of international negotiators in recent months. This is nothing to do with Afghanistan or Iraq, but is just as significant. This is about the possibility of a global currency war. There are imbalances in the global economy which were at the heart of the recent collapse of the world economy. What are … Continue reading

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Upsurge in world trade forecast

World trade will grow by 13.5% in 2010 according to economists at the World Trade Organisation. This is faster than the March forecast of a 10% expansion in trade volumes. Merchandise exports of developed economies are predicted to expand by 11.5% in volume terms while the rest of the world (including developing economies and the Commonwealth of Independent States) is … 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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