Global exit strategy from crisis needed, UNCTAD’s symposium concludes
19 May 2009
A two-day symposium that drew broad commentary on the impact of the world economic crisis emphasized that the global downturn requires a response that takes all countries and peoples into account.
UNCTAD's first public symposium concluded with a call for an inclusive response to the global economic downturn that will reform the international financial system, protect developing countries and the poor, and supply funding and effort to maintain and create jobs.
Specific recommendations included a debt moratorium for heavily indebted developing countries, so that their governments have more money available for stimulus measures for their economies; a currency exchange-rate system that is more stable; and a global jobs programme.
Speakers over the two days of meetings said repeatedly that recent reports of economic improvement in industrialized countries should not be taken to mean that the downturn is over, and should not lead decision makers to ignore the profound and long-lasting effects on poor countries.
The symposium urged the United Nations to play a prominent role in responding to the crisis, saying that the organization's broad membership make it the best institution for acting in the interests of all countries.
Source:UNCTAD
