S\u00e3o Paulo \u2013 The secretary general of the United Nations Conference on Trade and Development (Unctad), Supachai Panitchpakdi, said, in a report disclosed by the organisation on Tuesday (7), that the global economy needs to break away from the global doctrine that has guided it over the last thirty years and adopt a system of \u201cdevelopment-centred globalisation\u201d. This will be the theme of the 13th Unctad, to take place in Doha, Qatar, from April 21st to 26th.<\/p>\n
According to him, the global economy has been much guided by the interests of the financial system and, even in periods of great growth, many are excluded from benefits of the model. \u201cIncome inequality has been rising and financial imbalances have been accumulating,\u201d he said. This doctrine, which includes deregulation of markets and greater and greater liberation of capital flows, has moulded international economic integration.<\/p>\n
\u201cFinancial markets and institutions have become the masters rather than the servants of the real economy, distorting trade and investment, heightening levels of inequality and poising a systemic threat to economic stability,\u201d said the secretary-general.<\/p>\n
Panitchpakdi added that financial resources should be turned to productive areas, targeting economic diversification, job generation, food and energy safety and the climate. \u201cFinance needs to get back to the business of providing security for people\u2019s savings and mobilizing resources for productive investment,\u201d he pointed out.<\/p>\n
He defends greater state participation and international coordination in defining the routes of the economy. \u201cSurveillance and regulation will need to be strengthened at all levels,\u201d he pointed out. \u201cReforming the financial system is the place to begin. Even before the crisis, it was clear that stable and inclusive development was incompatible with speculative market behaviour,\u201d he added.<\/p>\n
The secretary general adds that, to put the global economy back on track, a \u201cglobal new deal\u201d will be necessary, in reference to the program established by US president Franklin Delano Roosevelt during the depression that followed the 1929 crisis. To him, palliative measures are not going to guarantee stability.<\/p>\n
To Panitchpakdi, the 13th Unctad represents an opportunity for the international community to \u201cdiscuss these challenges in a frank, open and constructive manner\u201d.<\/p>\n
*Translated by Mark Ament<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
The secretary general at the UN, Supachai Panitchpakdi, defends a ‘global new deal\u2019. To him, development needs to dictate the route of the global economy, not the financial system.<\/p>\n","protected":false},"author":2316,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[],"class_list":{"0":"post-40609","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy"},"wps_subtitle":"The secretary general at the UN, Supachai Panitchpakdi, defends a 'global new deal\u2019. To him, development needs to dictate the route of the global economy, not the financial system.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/40609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=40609"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/40609\/revisions"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=40609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=40609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=40609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}