1945

Global macro-economic trends and agricultural protectionism

The policies of developed market economies exercise a strong influence on the world economy with which developing economies have become increasingly integrated in recent years. Despite the fact that the primary sector is relatively unimportant in their domestic economies, the former plays a dominant role in the trade in primary commodities, especially agricultural trade. An increasingly larger part of world agricultural output is being traded in world markets and most of the increased export surpluses are originating from developed market economies. Thus during 1960-1980, while world agricultural output grew by 2.5 per cent per annum, trade in agricultural commodities grew by 4.3 per cent per annum. At the same time the share of developed market economies in world exports of major agricultural commodities rose from 54.3 per cent in 1967 to 65.0 per cent in 1980.

Related Subject(s): Economic and Social Development
Sustainable Development Goals:
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