The United Nations Conference on Trade and Development (UNCTAD) is a UN organization established on 1964 with the mission of fostering trade, investment, and business prospects in developing nations and it released the annual report. In 1981, the Trade and Development Report (TDR) was introduced. It is distributed annually at the Trade and Development Board’s annual meeting. In addition to offering recommendations for how to approach these problems at different levels, the Report analyses important foreign policy concerns and current economic developments. According to the Trade and Development Report 2022, monetary and fiscal policy changes in developed economies run the risk of bringing about a global recession and protracted stagnation. This will result in more harm being done than during the 2008 financial crisis and the 2020 COVID-19 shock combined. The research claims that a global slowdown has already become a downturn, with the planned gentle landing seeming doubtful, due to quick interest rate increases, fiscal tightening in leading economies, the COVID pandemic, and the war in Ukraine.
Highlights of The Trade and Development Report 2022:
- India’s economic growth is anticipated to slow this year to 5.7% from 8.2% in 2021, according to a recent UNCTAD prediction.
- In 2023, the country’s growth will further slow, reaching 4.7% and higher finance costs and weaker public spending are the causes.
- India had the strongest growth among the G20 nations in 2021, with an increase of 8.2%.
- Increasing domestic demand transformed the current account surplus into a deficit as supply chain disruptions subsided, and growth slowed as a result.
Importance of Trade and Development Report:
- This annual report offers the thorough and reliable analysis of economic developments and global policy concerns.
- It makes suggestions for creating a world economy that guarantees a better future for everyone and the planet.
- Previous studies have examined the harm that financial crises, rising debt, stagnant wages, and environmental deterioration have done to the economy and society.
- The series is meant for economists, decision-makers, scholars, and everyone interested in doing and analyzing economic and trade studies.
Objectives of the UN Conference on Trade and Development Report:
- To increase the capacity of developing nations in the areas of trade, investment, and development.
UNCTAD accomplishes these objectives through research, policy analysis, intergovernmental discussions, technical assistance, collaboration with civil society, and the corporate world. - The goals of UNCTAD in the area of competition are analysis and improvement of the international foundations for the introduction of competition law and policy, synchronization of trade and competition policies.
- It helps in the convergence of national competition norms with the Set of multilaterally agreed equitable principles and rules relating to the Control of Restrictive Business Practices adopted by the UN Conference.
- This demonstrates the Membership’s commitment to using trade as an instrument for sustainable development.
Functions of the United Nation Conference on Trade and Development Report:
- Recognize solutions to problems with macro-development.
- The conference promote innovation and entrepreneurship.
- Become more successfully integrated into the global trading system.
- Limit laws that hinder competition, make adjustments for climate change, and make better use of natural resources.
- Increase economic diversity to reduce reliance on commodities.
- Broader availability of digital technology.
- Aid local businesses in moving up value chains.
- Increase the speed of cross-border trade.
- Defend customers from fraud.
Conclusion:
Despite slower growth, UNCTAD predicted that India’s economy would surpass all other major economies in 2022, but reports shows India’s economic growth is anticipated to slow this year to 5.7% from 8.2%. In addition to rising food prices and general price inflation, the nation has been affected by the second wave of the pandemic and the introduction of vaccines. Higher finance costs and lower public spending are hindering economic activity in India, the largest country in the region, which will slow GDP growth to 5.7% in 2022. India needs to make a strong policy and measures to overcome this loss.