UN agency proposes "global new deal" that promotes inclusive economies

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Press conference by the UN Conference on Trade and Development (UNCTAD) to launch the Trade and Development Report 2017. Ms. Elssa Braunstein, Senior Economic Affairs Officer, speaks to the press. At her side is Daniel Shepard of the UN Department of Public Information (DPI). UN Photo/Eskinder Debebe

Failure to "tame" unregulated finance threatens global efforts to build inclusive economies, UN trade body, UNCTAD, warned on Thursday.

Its latest report proposes "a global new deal" aimed at addressing instability and inequality stemming from the 2008 financial crisis.

Dianne Penn reports.

The UNCTAD Trade and Development Report 2017: Beyond Austerity – Towards a Global New Deal finds that total banking sector assets have more than doubled in most countries over the past decades.

It estimates that the banking sector in developed countries totals US$100 trillion, exceeding global income.

Similar trends have been seen in developing and transitioning economies.

UNCTAD says this situation has contributed to widening income inequality and rising indebtedness.

The report contains seven chapters which look at trends, challenges and issues at stake, such as increasing women's participation in the work force and the greater use of robots in industrialization.

The final chapter proposes "a global new deal" to correct imbalances "so that social inclusion goes hand in hand with economic prosperity, shared technological progress and a healthy environment."

Dianne Penn, United Nations.

Duration: 1’00″

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