Trade-Related Policy Responses to the Crisis : A Stock Taking

The world is facing the most severe global economic crisis since the great depression of the 1930s. For the first time since World War two, World Bank projections for annual economic growth show that world gross domestic product (GDP) will decline 2.9 percent in 2009 and growth in developing countries will fall to 1.2 percent from 5.9 percent in 2008. Excluding China and India, other developing nations' economies will shrink on average by 1.6 percent. Net private capital flows to developing countries will likely turn negative in 2009 a more than $800 billion drop from the 2007 peak. The decline in global foreign direct investment (FDI) flows that started in 2008 will deepen and spread to the developing world, with overall inflows projected to fall some 30 percent compared to 2008, the first time FDI has fallen more than 10 percent in a year since 1986. The value of remittances, perhaps the most stable source of external financing for developing countries, is expected to drop by at least 5 percent this year.

Bibliographic Details

Main Authors:	Evenett, Simon, Hoekman, Bernard, Cattaneo, Olivier
Language:	English
Published:	World Bank, Washington, DC 2009-07
Subjects:	ACCORDS, AGREEMENT ON GOVERNMENT PROCUREMENT, AGRICULTURAL SUBSIDIES, AGRICULTURE, ANTIDUMPING, APPAREL, APPAREL INDUSTRIES, BARRIERS TO INVESTMENT, BARRIERS TO TRADE, BILATERAL INVESTMENT TREATIES, CARBON EMISSIONS, CENTRAL BANKS, COMMERCIAL POLICY, COMMODITIES, COMPETITION POLICY, COMPETITIVENESS, COMPETITIVENESS OF FIRMS, COUNTERVAILING DUTIES, CUSTOMER BASE, DEVELOPED COUNTRIES, DEVELOPING COUNTRIES, DEVELOPING NATIONS, DEVELOPING WORLD, DEVELOPMENT FINANCE, DISPUTE SETTLEMENT, DISPUTE SETTLEMENT PROCEDURES, DOMESTIC INDUSTRIES, DOMESTIC MARKETS, ECONOMIC CRISIS, ECONOMIC DOWNTURN, ECONOMIC LAW, ECONOMIC ORDER, ECONOMIC POLICY, EXCHANGE RATE, EXCHANGE RATES, EXPANSIONARY POLICIES, EXPORT CREDIT, EXPORT RESTRICTIONS, EXPORT SUBSIDIES, EXPORT TAXES, EXPORTS, EXTERNAL FINANCING, FINANCIAL CRISIS, FINANCIAL SECTOR, FINANCIAL SERVICES, FINANCIAL SYSTEM, FISCAL POLICY, FORECASTS, FOREIGN DIRECT INVESTMENT, FOREIGN GOODS, FOREIGN SUPPLIERS, GDP, GLOBAL TRADE, GLOBALIZATION, GOLD STANDARD, GOVERNMENT ACTIONS, IMPORT BANS, IMPORTS, INDUSTRIAL POLICIES, INTERNATIONAL COMMERCE, INTERNATIONAL COMMUNITY, INTERNATIONAL ECONOMIC LAW, INTERNATIONAL RULES, INTERNATIONAL TRADE, INVESTMENT INCENTIVES, JURISDICTION, JURISDICTIONS, MARKET ACCESS, MARKET FAILURE, MINISTERIAL MEETING, MONETARY POLICY, MULTILATERAL DISCIPLINES, MULTILATERAL RULES, MULTILATERAL TRADE, MULTILATERAL TRADE NEGOTIATION, NATIONAL TREATMENT, NEW MARKET, OPEN ECONOMIES, OPEN MARKETS, OPEN TRADE, OPEN TRADE REGIME, OPPORTUNITY COST, POLICY PRIORITIES, POLICY RESEARCH, PREFERENTIAL TRADE, PREFERENTIAL TRADE AGREEMENTS, PRIVATE CAPITAL, PRIVATE CAPITAL FLOWS, PROTECTIONISM, PROTECTIONIST, PROTECTIONIST MEASURES, PROTECTIONIST POLICIES, PROTECTIONIST PRESSURES, REGIONAL INTEGRATION, REGIONAL INTEGRATION AGREEMENTS, REGULATORS, REINVESTMENT, RISK PREMIUM, SAFEGUARD ACTIONS, SETTLEMENT PROCEDURES, SYSTEMIC RISKS, TARIFF REDUCTIONS, TOURISM, TRADE AGREEMENTS, TRADE ALERT, TRADE DISCIPLINES, TRADE FINANCE, TRADE IN GOODS, TRADE POLICIES, TRADE POLICY, TRADE REGIME, TRADE REMEDIES, TRADE RULES, TRADE SYSTEM, TRADE VOLUMES, TRADING SYSTEM, TRANSPARENCY, TRANSPORT COSTS, UNEMPLOYMENT, VOLUNTARY EXPORT RESTRAINTS, WORLD TRADE, WORLD TRADE ORGANISATION, WTO,
Online Access:	http://documents.worldbank.org/curated/en/2009/07/11362157/trade-related-policy-responses-crisis-stock-taking https://hdl.handle.net/10986/11112
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