Global Economic Prospects 2002

This year's 'Global Economic Prospects' argues for reshaping the global architecture of world trade to promote development and poverty reduction. The report focuses on four policy areas: - Using the WTO ministerial to launch a 'development round' of trade negotiations that would reduce global trade barriers. - Engaging in global collective action to promote trade outside the negotiating framework of the WTO. - Adopting pro-trade development policies of high-income countries unilaterally. - Enacting new trade reform in developing countries. The report contends that the policies recommended in these four areas would reshape the global trade architecture in a way that would enhance the prospects of developing countries and reduce world poverty. While the most likely scenario is for recovery beginning in 2002, today's slow growth of global trade and weakening financial flows to all but the most creditworthy countries, has impeded growth in developing countries. 'Global Economic Prospects 2002' concludes that the long-term promise of well-implemented trade reform is therefore tangible: a world with a much higher standard of living, hundreds of millions lifted out of poverty, and a sharp increase in children living beyond their fifth birthday to become productive citizens of the world.