Searching for Leadership in Crisis
As the developed world has descended into financial crisis, there has been a tidal wave of despair and panic in governments and financial institutions around the world. Conflicting data underscored the fact that no one really understands the extent of the consequences. Uncertainty from investors and consumers has led to a massive contraction in demand: a 60-year low in world trade; a fall-off in foreign direct investment; a drop in commodity prices; a contraction in remittances; and an absence of trade finance.
Life has indeed changed for all of us. At ITC, it remains our mandate to help enterprises in developing countries, and those who support them through national and regional trade support institutions, to not only survive the current crisis, but to build for a better future.
Developing countries face huge challenges, but they should also see opportunities. Countries and companies need to focus on a few priorities that can contribute to their competitiveness and prepare for the reopening of markets.
The Government Perspective: Boosting Trade and Investment
By Gareth Thomas, Minister for Trade, Development and Consumer Affairs, United Kingdom
The London Summit took place at a time of unprecedented economic challenge for world leaders and, fittingly, world leaders agreed on unprecedented action to face these challenges.
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© World Trade Organization Pascal Lamy
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Trade Finance: Rebooting the Engine
By Pascal Lamy, Director-General, World Trade Organization
Finance is a crucial component of the world economy, underpinning some 80% to 90% of world trade. As a result, the tightening of trade finance market conditions, which has been steadily worsening since the beginning of 2008, is particularly concerning.
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© International Labour Organization Juan Somavia
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Employment Meltdown
By Juan Somavia, Director-General, International Labour Organization
The jobs crisis is severe and escalating, threatening increased poverty and prolonged social unrest around the world. But, with a coordinated response from policy-makers, it's within our means to avert it.
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The G20: How Much Aid for Trade?
By Stephen Browne, Former Deputy Executive Director, ITC
Before the London Summit, world leaders had been wrangling over the size of domestic stimulaus programmes. But as the event unfolded, the G20 leaders shifted their focus towards stimulating the global economy.
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Banking on Credit
By Diana Smallridge, President and CEO, International Financial Consulting Ltd
The financial crisis has hit all elements of the global supply chains. National Development Banks and EXIM Banks need to step up to fill the gaps that have emerged so that trade and economic activity can continue.
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Illustration by Giles Kershaw |
The Developing Crisis
By Forum Editorial
As the world’s financial epicentres crash across various continents, what impact is this having on developing countries?
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Commerce Crossroads
By Thierry Sénéchal, International Chamber of Commerce
As recession deepens, global figures are starting to reveal the severity of the impact. Trade is contracting worldwide, and the recovery will depend on what policy-makers do next.
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The Perils of Protectionism
By Willem van der Geest, Lead Economist, ITC
History shows that open markets are crucial in times of crisis. Leaders need to step away from purely domestic concerns, and ensure they're not threatening the world's economy further by imposing dangerous protectionist measures.
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Responsibility Lies with the G20
By Richard Baldwin, Professor of Economics, Graduate Institute, Geneva
At their November 2008 meeting in Washington, world leaders thought of this crisis as a landmine that the United States and European economies had stepped on; as these economies had planted it, other emerging nations seemed only indirectly concerned.
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Trade Online: New Web Resources
ITC offers a wealth of online resources on trade development topics. Among new sites online:
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