Developing and transition economies need to move towards more balanced growth and give a greater role to domestic demand in their development strategies, a new UNCTAD report contends. The Trade and Development Report 20131 (TDR13), subtitled “Adjusting to the changing dynamics of the world economy,” cautions that a prolonged period of slow growth in developed countries will mean continued sluggish growth in their imports. Developing and transition economies can compensate for resulting growth shortfalls through countercyclical macroeconomic policies for some time, the study says. But in the longer term, policy makers will need to reconsider development strategies that have been overly dependent on exports. Instead, the report says, development strategies should place a greater emphasis on the role of wages and the public sector in the development process. The TDR was released today.
Posted on: Thu, 12 Sep 2013 18:53:20 +0000
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