Development policy and international economic cooperation

In 2008, the global economy was on the brink of recession, due to the 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. In December, the General Assembly called on countries to manage their macroeconomic and financial policies in ways that contributed to global stability, sustained economic growth and sustainable development, and recognized that greater coherence was required among the macroeconomic, trade, aid, financial, environmental and gender-equality policies to ensure that globalization worked as a positive force for all. The Assembly also reaffirmed the need to continue working towards a new international economic order based on the principles of equity, sovereign equality, interdependence, common interest, cooperation and solidarity among all States.

Sustainable Development Goals:

Peace, Justice and Strong Institutions

Partnerships for the Goals