Development Cooperation under Siege
Globalization has helped to integrate developing countries into the world economy, but now that very integration is becoming a threat in the wake of the financial crisis. With the increasing likelihood of protracted stagnation in most rich countries, the prospects for development look poor.
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NEW YORK – Protracted economic stagnation in rich countries continues to threaten the development prospects of poorer countries. Globalization and economic liberalization over the last few decades have, of course, helped to integrate developing countries into the world economy, but now that very integration is becoming a threat as developing countries are hit by the knock-on effects of the rich world’s troubles.