1945

Overview by the Secretary-General of UNCTAD

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The world economy is now even more burdened by deflationary pressures than it was a year ago, when we identified them as the prime threat. Again, growth has slowed; investment remains depressed, in both developed and developing countries; commodity prices have declined; new lending to developing countries has contracted and debt servicing has become more onerous. And again, trade conflicts have sharpened, and uncertainties regarding key prices and the "rules of the game" have mounted. All this is compounding the maladjustments and distortions in the world economy and making structural adaptation more difficult for all. What is more, because of slow growth, technological progress is causing acute distress among commodity producers and the unemployed and souring international economic relations - instead of raising living standards and promoting international harmony. In many countries there is a growing feeling that the costs of integration into the world economy are outweighing the benefits. The problem, however, arises not from international economic integration per se, but from the way in which the various components of the world economy are deflating and distorting each other, because of inadequate management of interdependence.

Related Subject(s): International Trade and Finance
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