16:06 | 23/09/2016 Global Economy
The United Nations Conference on Trade and Development (UNCTAD) said on Wednesday that getting the world economy back on track requires global leaders to try bolder macroeconomic policies, strengthened regulation of finance and active industrial policies.
In its annual Trade and Development Report, the United Nations body argues that economic slowdown in the advanced economies is the biggest drag on global growth, but developing countries are now caught in the downdraft.
UNCTAD Secretary-General Mukhisa Kituyi said policymakers all around the world face a difficult combination of sluggish investment, productivity slowdowns, stagnant trade, rising inequality and mounting levels of debt. In many developed countries, outright austerity has led to one of the weakest recoveries from any economic crisis on record.
The report calls for the closure of corporate tax loopholes, plus fiscal and regulatory measures to encourage long-term investment./.