The UN Takes Charge
While discussions about economic “green shoots” continue unabated in the US, in many countries, and especially in the developing world, matters are getting worse. And, with neither the US nor the G-20 has taking a leadership role in addressing sensitive issues – including reform of the global reserve system – that affect poor countries, the UN has stepped into the gap.
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NEW YORK – While discussions about economic “green shoots” continue unabated in the United States, in many countries, and especially in the developing world, matters are getting worse. The downturn in the US began with a failure in the financial system, which quickly was translated into a slowdown in the real economy. But, in the developing world, it is just the opposite: a decline in exports, reduced remittances, lower foreign direct investment, and precipitous falls in capital flows have led to economic weakening. As a result, even countries with good regulatory systems are now confronting problems in their financial sectors.