The new UNCTAD report Development and Globalization: Facts and Figures (DGFF) 2012, released during UNCTAD XIII, says the global economy has progressed much more quickly than has international economic governance, and institutional and regulatory reforms are needed to close the gap.
The tension created between rapidly advancing economic links and limited global governance, “together with an unwarranted faith in the self-regulation of markets, created a hazardous global environment that ultimately ushered in the cataclysmic events of 2008-9,” the report contends.
While the epicenter of the financial meltdown was in the developed world, developing countries, which have increasingly integrated into the global economy, got hit as innocent bystanders, the study says. Developing nations “benefit to varying extents from linking into international markets, but almost always suffer when global economic currents over which they have no control turn negative,” the study warns.
The DGFF’s main message is that “Global governance reform needs to catch up with globalization – or risk a backlash. Globalization is at a crossroads: in order to continue, and more safely, the process needs to be controlled and managed more wisely.”
The interactive format of the publication is a good example of UNCTAD statistics evolution towards up-to-date technological sophistication and ease of use. The latest data presented in the DGFF is backed with a comprehensive guide to make the statistics easier to interpret and hence ensure their competent use. The report is designed to be an accessible and valuable tool for non-specialists as well as for international economists and statisticians.
The publication is available at http://dgff.unctad.org/. UNCTAD statistics database may be found at: http://unctadstat.unctad.org/