Globalization meets the Millennium Development Goals
- Author: United Nations
- Main Title: World Economic and Social Survey 2017 , pp 73-95
- Publication Date: July 2017
- DOI: https://doi.org/10.18356/b16f4c86-en
- Language: English
The present chapter analyses the key trends in the world economy and the major changes in the development agenda between the mid-1990s and the period immediately preceding the onset of the global financial crisis of 2008-2009. The process of global economic integration—globalization—had been gathering momentum since the 1980s, and the forces driving it became stronger and, in some ways, more entrenched towards the end of the 1990s. During that period, this entrenchment was reinforced by rapid trade liberalization and deregulation of the economy. In the 2000s, developing countries as a whole increased their share in global economic activities and the income gap between developing and developed countries (defined by the difference in average per capita income) decreased to some extent. Underlying these global trends was an increase in global imbalances leading to financial market instability, which eventually culminated in the global financial crisis of 2008-2009.
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