Global Economic Prospects

The Doha Development Agenda of the fourth Ministerial Conference of the WTO left open many contentious and important questions. This study analyses the most critical multilateral trade issues through the lens of development and suggests policy options more inclusive of developing countries and more conducive to poverty reduction. The 14th edition of this title: explores the short-, medium- and long-term outlook for the global economy, including driving forces, commodity prices and capital flows and their implications for major regions; review recent trends in exports from developing countries, structures of protection, their disadvantages to the poorest countries, and approaches to reduce protection; examines trade in agriculture - the most important and politically contentious sector for global poverty reduction - including key lessons from development experience, changes to the current system of subsidies and protection, and the potential for liberalization in both rich and middle-income countries; investigates the temporary movement of labour, with its advantages and disadvantages to both the home and host countries; discusses trade facilitation through a review of the empirical literature to inform development needs and recommendations on the WTO agenda; and reviews the participation of low-income countries in the WTO in three respects: the role of preferences and special and differential treatment, the complications of administering new WTO rules, and the decision-making itself within the WTO.