New policies need to shake off economic stagnation in developed countries

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The UN's annual Trade and Development Report was released on 6 October. Image: UNCTAD

Policymakers in developed countries need to be proactive to finally bring about a full recovery from the 2008 global financial crisis.

That's according to the UN's annual Trade and Development Report released Tuesday, which says that many developed nations need to make bold policy moves to shake off sluggish economic growth.

Ana Carmo has the story.

UN financial experts say seven years on, many developed countries are still struggling with stagnated job growth, investment and productivity as a result of the 2008 crisis. The report from the United Nations Conference on Trade and Development (UNCTAD) says given the overall lack of growth many nations are grappling with, it's time for policy makers to break away from the cycle of "business as usual".

Mahmoud Elkhafif, an Economic Information Officer with UNCTAD, says failing to do so could put the world back on course for another financial disaster.

"Going back to expansionary monetary policies and a tight fiscal policy will lead to nothing but more of the same of what happened in 2008."

The UNCTAD report also highlighted the need for the global financial market to take steps to ensure a stable and predictable investment climate, particularly as the world prepares for a massive investment push to reach the new global development goals.

Ana Carmo, United Nations.

Duration: 58″

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