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Trade-related policy responses to the crisis : a stock taking (English)

The world is facing the most severe global economic crisis since the great depression of the 1930s. For the first time since World War two, World Bank projections for annual economic growth show that world gross domestic product (GDP) will decline 2.9 percent in 2009 and growth in developing countries will fall to 1.2 percent from 5.9 percent in 2008. Excluding China and India, other developing nations' economies will shrink on average by 1.6 percent. Net private capital flows to developing countries will likely turn negative in 2009 a more than $800 billion drop from the 2007 peak. The decline in global foreign direct investment (FDI) flows that started in 2008 will deepen and spread to the developing world, with overall inflows projected to fall some 30 percent compared to 2008, the first time FDI has fallen more than 10 percent in a year since 1986. The value of remittances, perhaps the most stable source of external financing for developing countries, is expected to drop by at least 5 percent this year.

Details

  • Author

    Evenett, Simon Hoekman, Bernard Cattaneo, Olivier

  • Document Date

    2009/07/01

  • Document Type

    Brief

  • Report Number

    51629

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    World,

  • Region

    The World Region,

  • Disclosure Date

    2010/07/01

  • Disclosure Status

    Disclosed

  • Doc Name

    Trade-related policy responses to the crisis : a stock taking

  • Keywords

    Poverty Reduction & Economic Management;trade and investment;agreement on government procurement;movement of natural persons;global trade;net private capital flows;multilateral disciplines;open trade regime;export subsidy;export subsidies;world trade growth;barriers to investment;terms of policy;lack of agreement;regional integration agreement;fiscal stimulus package;exchange rate policy;domestic policy response;declaration of good;foreign direct investment;Exchange rate policies;local economic activity;Aid for Trade;globalization of production;multilateral trade negotiation;global supply chain;conditions of competition;impact on competition;multilateral trading system;tariff increase;trade finance;trade agreement;monetary policy;Trade Policies;Trade Policy;Fiscal policies;fiscal policy;state policy;nontariff barrier;multilateral cooperation;financial service;protectionist policy;protectionist measure;national treatment;safety valve;protectionist pressure;domestic policies;allocation decision;trade credit;export restrictions;political purpose;global growth;competition policy;Exchange Rates;ministerial meeting;government action;nation rule;separate agreement;oecd countries;real trade;government purchase;trade rule;cross-border spillovers;regular monitoring;trading partner;negotiating rules;government response;financial architecture;gas emission;open economy;trade opportunity;nontariff measure;market failure;monitoring mechanism;commercial interests;foreign providers;import ban;export tax;merchandise import;Dispute Settlement;gold standard;investment dispute;restrictive trade;negative correlation;cross-border good;policy priority;similar provision;foreign good;government transfer;market force;peer pressure;increasing transparency;foreign supplier;export credit;tariff reduction;export restraints;capital requirement;investment agencies;government body;International Trade;international body;trading nation;financial protection;Financial Sector;source country;great depression;economic crisis;world leaders;systemic risk;investment treaty;silver lining;Industrial Policies;Industrial Policy;discriminatory application;agricultural subsidy;international community;tariff policy;carbon emission;expansionary policy;increase tariff;international rule;economic recovery;optimistic forecast;nondiscrimination principle;regulatory priority;

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Citation

Evenett, Simon Hoekman, Bernard Cattaneo, Olivier

Trade-related policy responses to the crisis : a stock taking (English). PREM Notes ; no. 139. Trade Policy Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/425681468326693661/Trade-related-policy-responses-to-the-crisis-a-stock-taking