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Trade and Development Report 2006

Global Partnership and National Policies for Development

image of Trade and Development Report 2006

Since 2002, world economic expansion has had a strong positive impact on growth and helped support progress towards the United Nations Millennium Development Goals. Most developing countries have benefited from this growth momentum as a result of strong demand for their exports of primary commodities and, to an increasing extent, of manufactures. However, global economic imbalances continue to pose a risk to the outlook of the world economy. Much depends on the ability of developing countries to adopt more proactive policies in support of capital formation, structural change and technological upgrading, and on the latitude available to them in light of international rules and disciplines. The Trade and Development Report 2006 offers relevant ideas and general principles for designing macroeconomic, sectoral and trade policies that can help developing countries to succeed in today’s global economic environment.

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Global imbalances as a systemic problem

Since 2002 the performance of the world economy has had a strong positive impact on growth and poverty reduction in the developing countries, thereby contributing to progress towards the Millennium Development Goals (MDGs). The expansion of world output continued unabated in 2005, with a growth rate of 3.6 per cent. Output is expected to expand in 2006 at a similar pace as in 2005. High prices for oil and industrial raw materials and a tendency towards more restrictive monetary policies as well as turbulence in the financial markets have not yet had a significant negative impact on global growth. Nevertheless, the risks of a slowdown are increasing.

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