UNCTAD Calls for a Bold Global Economic Agenda

Amid the ongoing World Bank-IMF spring meetings in Washington DC, the UN trade and development body, UNCTAD, calls for a bold international economic agenda to avert another lost decade for developing countries, facing a projected foregone income of $800 billion and battling unprecedented levels of debt distress.

UNCTAD’s latest Trade and Development Report Update to be released on 12 April shows that:

• Global growth is expected to be lower than earlier projected, signalling potential economic downturn.
• Developing countries face mounting debt and insufficient international support, risking another lost decade.
• The banking crisis highlights long-neglected financial fragilities and regulatory weaknesses.
• Declining energy costs lead to lower inflation, but elevated food prices maintain a high cost of living in many developing countries.
• Growing global asymmetries threaten developing countries' resilience, requiring stronger multilateral action and an urgent focus on sovereign debt architecture.