UNCTAD says domestic and regional markets are key to faster economic growth

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UNCTAD Trade and Development Report 2013. [Photo: UNCTAD]

The United Nations agency dealing with trade and development says that developing and transition economies need to move toward a more balanced growth.

In a report issued on Thursday, the UN Conference on Trade and Development (UNCTAD) says these countries also need to give a greater role to domestic demand in their development strategies.

The Trade and Development Report 2013, subtitled "Adjusting to the changing dynamic of the world economy" says there is a prolonged period of slow growth in developed countries.

It points out that this will mean continued sluggish growth in these countries' imports.

Derrick Mbatha reports.

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