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Trade, Growth and Poverty Reduction

Least Developed Countries, Landlocked Developing Countries and Small States in the Global Economic System

image of Trade, Growth and Poverty Reduction
Why have the least developed countries, and other poorer countries, failed to grow as fast as other economies during the recent period of globalisation?



Professor Srinivasan explores the broad links between growth in income, globalisation, and poverty reduction. He argues that past domestic and international policies have failed to serve the interests of the poorest countries, and suggests that the current array of international institutions, in their unreformed state, are ill-suited to bring about the changes required.



Finally he makes recommendations on needed reforms to the institutions that manage the global economic system.

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Introduction

It is widely presumed and perhaps accepted that countries in overlapping groups of least-developed countries (LDCs), landlocked developing countries (LLDCs), small island developing states (SIDS) and small vulnerable states (SVS) face special problems and challenges in a world economy that is increasingly integrated in trade of goods and services, technology, finance and movement of people and ideas. The United Nations Office of the High Representative for the LDCs, LLDCs and SIDS (UN-OHRLLS) was established by the UN General Assembly in 2001. It lists 49 countries as LDCs and provides data on them (www.un.org/special-rep/ohrlls/ldc/list. htm, accessed 28 July 2008). Table 1.1, below, gives the composition of LDCs, LLDCs and SIDS along with their overlap. Although the UNOHRLLS does not list SVS, their composition can be put together from the communiqué of the ministerial meeting in 2005 of small vulnerable economies (SVEs) that are members of the WTO (WT/MIN105/22). There are 24; surprisingly, none of them are in the list of LDCs compiled by the UN-OHRLLS.

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