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Trade and Development Report 2008

Commodity Prices, Capital Flows and the Financing of Investment

image of Trade and Development Report 2008

The Trade and Development Report 2008, subtitled Commodity Prices, Capital Flows and the Financing of Investment” highlights the paradox that the “capital poor” developing world is exporting capital to the “capital rich” developed countries. The Report suggests shifting the focus in financial policies from households putting more money aside and imports of foreign savings, to the reinvestment of profits and credit creation through the domestic banking system.

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Current trends and issues in the world economy

In mid-2008 the global economy is teetering on the brink of recession. The downturn after four years of relatively fast growth is due to a number of factors: the global fallout from the financial crisis in the United States, the bursting of the housing bubbles there and in other large economies, soaring commodity prices, increasingly restrictive monetary policies in a number of countries, and stock market volatility. Without strong and internationally coordinated action on macroeconomic policy, a fully-fledged global economic recession seems unavoidable.

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