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Economic Analysis and Policy

In its 2012 Report, the MDG Gap Task Force has had difficulty identifying areas of significant new progress towards delivering on commitments to the Global Partnership for Development, and for the first time there are signs of backsliding. The volume of official development assistance (ODA) fell for the first time in many years, obstacles to exports from developing countries are on the rise, and numerous developing countries are facing debt difficulties. With less than three years until 2015, there is no apparent commitment by donor Governments to reverse the trend in time, and it is likely that fewer MDGs will be reached in fewer countries as a result.

The Report finds that…

Economic Analysis and Policy

The financial needs of developing countries have long outstripped the willingness and ability of donors to provide aid. Addressing this challenge, the survey proposes an international tax, combined with other innovative financing mechanisms, to raise more than $400 billion annually for development and global challenges such as fighting climate change.

Launched on 5 July, the survey reveals that in the midst of difficult financial times, many donor countries have cut back on development assistance. In 2011, for the first time in many years, aid flows declined in real terms.

“We are suggesting various ways to tap resources through international mechanisms, such as…

Economic Analysis and Policy

Despite scattered signs of improvement, the world economic situation and prospects continue to present challenges. After a marked slowdown in 2011, global economic growth will likely remain tepid in 2012, with most regions expanding at a pace that is below potential. In the face of subdued growth, the jobs crisis continues, with global unemployment still above its pre-crisis level and unemployment in the euro area rising rapidly. The risks to the global outlook are tilted to the downside. The euro area debt crisis remains the biggest threat to the world economy. An escalation of the crisis would likely be associated with severe turmoil on financial markets and a sharp rise in global risk…

Economic Analysis and Policy

The world economy is on the brink of another major downturn. Global economic growth started to decelerate on a broad front in mid-2011 and is estimated to have averaged 2.8 per cent over the last year. This economic slowdown is expected to continue into 2012 and 2013. The United Nations baseline forecast for the growth of world gross product (WGP) is 2.6 per cent for 2012 and 3.2 per cent for 2013, which is below the pre-crisis pace of global growth.Persistent high unemployment in the United States and low wage growth are holding back aggregate demand and, together with the prospect of prolonged depressed housing prices, this has heightened risks of a new wave of home foreclosures.…