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Global Economic Prospects and the Developing Countries, 2002

Global Economic Prospects and the Developing Countries, 2002

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One of the World Bank's flagship annual publications, Global Economic Prospects provides essential information for those concerned with developments shaping today's global economy.

This year's Global Economic Prospects argues for reshaping the globalarchitecture of world trade to promote development and poverty reduction.

The global economy is slipping precariously toward recession. In 2001 the three biggest economies of the world--the United States, Japan, and the European Union--entered the first simultaneous downturn since 1982, and were then hit with the added shock of the terrorist attacks in the United States. While the most probable scenario is for a recovery beginning in 2002, today's slow growth of global trade and weakening of financial flows to all but the most creditworthy countries have shackled growth in developing countries.

Increasing trade would help developing countries over the medium term. To accelerate the global integration that has been a hallmark of rapidly growing developing economies for the last two decades, the international community must work together to expand market access--and must help developing countries respond to new trading opportunities. This report presents a four-part policy agenda to do just that. Global Economic Prospects 2002:

* analyzes prospects for the global economy and the implications for developing countries and poverty reduction
* reviews policy issues in agriculture and textile trade, services, international transport, and intellectual policy rights
* presents a four-part policy agenda: launching of a development round of WTO talks, new global cooperation to expand trade outside the WTO, new policies of high-income countries to expand trade, and enacting trade reforms in developing countries
* examines trade in services and finds that reduction in barriers to entry would provide large income gains
* presents findings that suggest developing countries could increase their incomes by a cumulative $1.5 trillion over 2005-15 if all countries progressively enact the proposed trade reforms and, as a consequence, lift an additional 300 million people out of poverty by 2015.