The United Nations is calling for enhanced international cooperation to deal with challenges threatening global economic insecurity, according to a UN report released Tuesday.
The appeal was contained in the World Economic and Social Survey 2008, published by the UN Department of Economic and Social Affairs (DESA).
The annual report, whose theme this year is "Overcoming Economic Insecurity," examined several issues that impact on economic security, including macroeconomic and financial shocks, natural disasters, conflict and poverty.
It noted that the current global economic insecurity, caused by factors such as global economy downshifts, prices spike and uncertain job prospects, is felt by developing countries, most sharply by the poorest ones.
Even for developed countries, a sense of economic insecurity is also growing with rising inequality, indebtedness and the squeezing of social provisioning, it said.
Left to their own devices, markets are not delivering the desired levels of economic security, UN economists argued.
They advocate steps to narrow the pendulum swings of economic cycles, reduce dependence on debt and finance instruments for economic growth, tailor macroeconomic policies to development priorities and promote international cooperation.
While governments are seeking measures to overcome shock and provide for security, international cooperation can be most effective in advancing the economic security agenda.
The report called for improved access of developing countries to International Monetary Fund (IMF) resources and compensatory financing mechanisms designed to help them cope with external shocks.
It also called for a more effective aid mechanism that would not only help meet the target for official development assistance (ODA) of 0.7 percent of the gross national income of developed countries, but also support the recipient country's own development priorities.
It also urged actions to curb the abuse of market and improve the distribution of the burden of economic shocks.
Source:Xinhua
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