Trade and Development Report 2010

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The Report 2010 focuses on the need to make employment creation a priority in economic policy. Unemployment is the most pressing social and economic problem of our time, not least because, especially in developing countries, it is closely related to poverty. The fallout from the global crisis has exacerbated what were already sluggish labour markets in most countries even before the crisis erupted. It also warns that a premature withdrawal of macroeconomic stimulus measures to expand demand in developed countries may trigger a deflationary spiral in the global economy, with attendant slumps in growth and employment. The publication draws attention to the importance of strengthening the macroeconomic policy framework to promote sustainable growth and employment creation in both developed and developing countries, and makes recommendations for a reorientation of macroeconomic policies and institution building aimed at strengthening domestic demand.

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After the global crisis: An uneven and fragile recovery

The world economy appears to be recovering from its worst crisis since the Second World War. After a marked slowdown in 2008 and a real contraction of almost 2 per cent in 2009, global GDP is expected to expand by about 3.5 per cent in 2010 (table 1.1). This would mean a return to pre-crisis growth rates in most regions, with the exception of the European Union (EU) and some transition economies where a resurgence of growth is proving to be much slower. However, these prospects are no reason for complacency: the exit from recession may seem to have been rapid but it is unlikely to be either strong or durable if it continues to be based on temporary factors, such as inventory cycles and exceptional fiscal stimulus programmes, and if the underlying causes of the crisis are still in place, such as unregulated financial systems, income inequality and global imbalances.

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