Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Tuesday, January 23, 2018 02:20:17 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

UN needs analytical leadership in addressing global economic challenges

Share your thought
Post a comment »
Read all () »

José Antonio Ocampo and Jomo Kwame Sundaram  :
The United Nations recently released the 70th anniversary issue of its flagship publication, the World Economic and Social Survey (WESS). First published in January 1948 as the World Economic Report, it is the oldest continuous publication analyzing international economic and social challenges. The 2017 issue reviews 70 years of WESS policy recommendations, many of which remain relevant today to address global challenges and to achieve the 2030 Agenda or Sustainable Development Goals.
Created in 1945 to ensure world peace, the United Nations charter recognized that economic and social progress for all is fundamental for ensuring sustainable peace.
The UN has thus been monitoring socio-economic developments globally since the 1940s. Its analyses have long highlighted the interdependence of the global economy, and advocated international policy coherence and coordination for sustainable, inclusive and balanced socio-economic progress.
The picture which emerges is that the UN has been ahead of the curve on many issues, especially on closing gaps in human well-being between and within countries.
From early on, it has urged developed countries to support socio-economic progress in developing countries, not only in their own interest as trading partners, but also to maintain conditions for greater economic stability and more equitable global development. It has also long called for predictable transfers of finance and technology to developing countries, and for opening up developed country markets to developing countries' exports.
The UN has also pioneered innovative multilateral institution building to fill lacunae. In the 1960s, WESS provided the analytical rationale for establishing the United Nations Conference on Trade and Development (UNCTAD) and the United Nations Industrial Development Organization (UNIDO) to support developing countries seeking to equitably benefit from international trade and investment, and to industrialize.
The 2017 review of issues WESS has underscored the importance of its analyses. The 1951-52 issue identified three major challenges: "maintenance of economic stability, those concerned with persistent disequilibrium in international payments, and those arising from the relatively slow advance of the under-developed countries". Needless to say, these challenges remain relevant today.
The 1956 issue warned against monetarism and monetary policy solutions, arguing that "a single economic policy seems no more likely to overcome all sources of imbalance … than is a single medicine likely to cure all diseases".
Along these lines, the 1959 issue acknowledged the "evils of large-scale inflation", but argued that "economic stagnation or large-scale unemployment is not an acceptable cost to pay for price stability or equilibrium in the balance of payments".
The 1965 issue warned that tying aid would reduce aid effectiveness, external debt burdens were rising rapidly, and capital would flow from developing to developed countries.
The 1971 issue warned of the "unsettling effects of massive movements of short-term capital" and argued for an "international code of conduct and mechanism for surveillance" to curb their disruptive effects. It also warned that IMF governance arrangements dangerously limited developing country voice, and called for Special Drawing Rights to be used to provide development finance.
In the 1970s and 1980s, WESS repeatedly warned that putting the burden of adjustment on deficit countries alone would not only stifle their growth, but also exert deflationary pressure on the world economy. The UN urged provision of additional finance by surplus countries and international financial institutions on less stringent terms and conditions to support robust recoveries and prevent widespread welfare losses.
The 1982 issue warned against the reluctance to undertake expansionary policies at a time of a global crisis for fear of undermining investor confidence: "without more vigorous expansionary policies, recovery will lack strength, levels of demand will not be sufficient to bring present productive capacity into full use, and the incentive to undertake new investment will remain weak".
WESS's rich legacy reminds us of the continuing relevance of multilateral institutions, especially in facing major challenges.
The global economy needs strong institutions and coordinated international actions, with adequate voice and participation by developing countries. This is particularly true for ensuring international monetary stability and trade dynamism, which remain crucial for global development.
It also underscores that international solidarity is necessary for reinvigorating and rebuilding the global economy as well as inclusive and equitable development. Sustainable development is necessarily multidimensional and often context-specific; requiring strengthened state capacities and capabilities, strategic development planning and appropriate adaptation to local conditions.

(José Antonio Ocampo was Executive Secretary of the UN-ECLAC from 1998 to 2003 and UN Under-Secretary-General for Economic and Social Affairs from 2003 to 2007. Jomo Kwame Sundaram was UN Assistant Secretary General for Economic Development from 2005 to 2015).

Add Rate

News Archive

Inside The New Nation

Editorial »

Banking sector is doomed, merger or no merger

FINANCE Minister AMA Muhith has recommended Bangladesh Bank to start merger of problem banks, but experts fear that such a move would not stop the rot the country's banking sector is facing. On December 28, Muhith wrote a letter to BB Governor Fazle Kabir pointing out that it was the ...

Sports »

Romania's Simona Halep celebrates after defeating Japan's Naomi Osaka during their fourth round match at the Australian Open tennis championships in Melbourne, Australia on Monday.

International »

Turkey in new assault on Kurdish militia on Syria

AFP  :Turkey on Monday shelled Kurdish militia targets in Syria and claimed progress in a cross-border offensive that has stoked concern among its allies and neighbours.The Turkish military on Saturday launched operation "Olive Branch", its second major incursion into Syrian territory during the seven-year civil war.The operation, where Turkish war ...

City »

BNP Standing Committee Member Gayeshwar Chandra Roy, among others, at a protest rally organised by Akhtar Hossain Mukti Parishad at the Jatiya Press Club on Monday demanding release of all BNP leaders including Organizing Secretary of Dhaka Mahanagar Uttar Akhtar Hossain.

Entertainment »

Yami Gautam applauds India’s win at Blind Cricket World Cup 2018

Bollywood actress Yami Gautam took to Twitter to applaud the victory of India at the Blind Cricket World Cup 2018. India retained Blind Cricket World Cup title after beating Pakistan by two wickets in a thrilling final played at the Sharjah Cricket Stadium in UAE on Saturday. India had previously ...

Entertainment »

Razzak’s birthday today

Entertainment Report :If he would alive today he will turn into 77. He died on August 21 of 2017. His sudden demise made a gap in the field industry. He was basically a guardian in film arena. Today is birthday of legendary film actor Razzak. Younger son of Razzak, Khalid ...

Editorial »

Migrant workers` early death should worry our govt

A NATIONAL daily reported that at least 3,480 Bangladeshi workers died abroad in 2017, mostly due to stroke or heart attack. Unbearable physical and mental stress, workload, malnutrition, ill health care, thin sleep and rest time, and unhygienic living decrease the life expectancy of the Bangladeshi expatriates workers working in ...

Cricket »

Star all-rounder Shakib in Marquee' player list for IPL Auction

World no. one all-rounder rounder Shakib Al Hasan booked his place in the IPL auctions as a 'Marquee' player list with a base price of RS 2 Crore which is the base price for the all 16 elite players in the Marquee Players' list.The star all-rounder Shakib was placed alongside ...

Entertainment »

Shreya Ghoshal sang a romantic song in Tum Se Milkar

Shreya Ghoshal is known as the melody queen when it comes to romantic songs and her songs are loved by listeners worldwide and this is the reason Shreya is the prime choice for all the film makers whose films are based on romantic theme. Recently Shreya recorded a beautiful romantic ...

City »

A crest being presented to Prime Minister Sheikh Hasina at the inaugural session of 4000th Parakendra at Mitingachhari in Kaptai Upazila through a video conferencing organised jointly by Parbatya Chattagram Development Board and UNICEF from a hotel in the city on Sunday.

International »

Jordan`s king says East Jerusalem must be capital of Palestinian state

Reuters, Amman :Jordan's King Abdullah expressed concern on Sunday over a decision by Washington to recognize Jerusalem as Israel's capital, saying East Jerusalem had to be the capital of a future Palestinian state.In remarks during talks with U.S. Vice Mike Pence in Amman, the king said the only solution to ...

Editorial »

Repatriation will be useless if Myanmar not considers Rohingya as citizens

DHAKA and Naypyidaw both are now making final preparations to repatriate and receive the first batch of Rohingya Muslims despite protest from different quarters for not ensuring their security and fearless movement. According to media reports, Rakhine State's Chief Minister Nyi Pu insisted on completion of the finishing touches on ...

Sports »

Romania`s Ana Bogdan makes a forehand return to United States` Madison Keys during their third round match at the Australian Open tennis championships in Melbourne, Australia on Saturday.

Entertainment »

Aparna in psychological thriller film

Entertainment Desk :National Award  winning actress  Aparna Ghosh has always been lauded for choosing experimental projects for film. Being popular in small screen, she is famous in big screen as well for her extraordinary acting and simplistic smile.The actor steeped into the media through acting in a TV drama titled ...

City »

Different organisations placed floral wreaths at the plaque of Shaheed Asad in front of the main gate of Dhaka Medical College on Saturday marking Shaheed Asad Day.

Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Write a comment to this news