Press Release, 19 April 2010

South Centre Proposes Policies Towards Sustainable Global Economic Recovery.

The South Centre has published a paper analysing current weaknesses and imbalances in the global economy and in the major countries. It also makes proposals on what needs to be done to achieve a global economic recovery.

The paper “Global economic prospects: The recession may be over but where next?” is written by the Centre’s Special Economic Advisor Y?lmaz  Akyüz (formerly Director of UNCTAD’s Division on Globalisation and Development Strategies).

The paper throws interesting light on the global economic imbalances, the situation in the major countries, and what needs to be done, especially in terms of these countries’ macro-economic policies.

According to the South Centre, the global economy is weak because there is insufficient effective demand globally, and this is a major obstacle to a sustained economic recovery. For the global economy to recover,  there has to be a boost to global demand, while at the same time securing financial stability.

The paper examines how the major economies – the United States, Germany, Japan and China – are contributing to global demand, what their weakness are and what policies they should take.

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