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Since the UNCTAD secretariat made its first assessment of globalization, in TDR 1997, conditions in the developing world have deteriorated drastically. The few bright spots, mainly in East Asia and Latin America, which could light the way for others to a better future have been dimmed, and the much-hoped-for turning point in Africa has not been reached. The predicted gains to developing countries from the Uruguay Round have proved to be exaggerated and, as feared, international capital movements have been particularly disruptive. Poverty and unemployment are again on the rise in developing countries which had struggled for many years to combat them. Income and welfare gaps between and within countries have widened further.

Related Subject(s): International Trade and Finance
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