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Home | Business | Strategic Planning "Roughly half of the increase is likely to come from developing countries. Developing countries that only two decades ago provided 14 per cent of manufactured imports of rich countries, today supply 40 per cent, and by 2030 are likely to supply over 65 per cent. At the same time, import demand from developing countries is emerging as a locomotive of the global economy," the report said.Uri Dadush, Director of the World Bank's Development Prospects Group and International Trade Department, said continuing integration of markets will make jobs around the world more subject to competitive pressures. "As trade expands and technologies rapidly diffuse to developing countries, unskilled workers around the world — as well as some lower-skilled white collar workers — will face increasing competition across borders," he explained "Rather than trying to preserve existing jobs, governments need to support dislocated workers and provide them with new opportunities. Improving education and labour market flexibility is a key part of the long-run solution." Stressing that removing barriers to trade is vital as it can create new opportunities for poor countries and poor people, Dadush said revitalising the Doha round of world trade negotiations and concluding an agreement that benefits the poor is urgent. According to the report, globalisation could spur faster growth in average incomes in the next 25 years than during 1980-2005, with developing countries playing a central role. "However, unless managed carefully, it could be accompanied by growing income inequality and potentially severe environmental pressures. "Sustained and broad-based growth in developing countries would significantly affect global poverty. The number of people living on less than $1 a day could be cut in half, from 1.1 billion now to 550 million in 2030. However, some regions, notably Africa, are at risk of being left behind. Moreover, income inequality could widen within many countries, compounding current concerns over inequality between countries," said Francois Bourguignon, World Bank Chief Economist and Senior Vice President, Development Economics. He said globalisation is likely to bring benefits to many. "By 2030, 1.2 billion people in developing countries—15 per cent of the world population—will belong to the "global middle class," up from 400 million today. This group will have a purchasing power of between $4,000 and $17,000 per capita, and will enjoy access to international travel, purchase automobiles and other advanced consumer durables, attain international levels of education, and play a major role in shaping policies and institutions in their own countries and the world economy. Article Source: http://www.articlewheel.com
More trade news at www.nytimes.com/ www.tradebooming.com/
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