Yearbook of the United Nations, 2001. Part 3, Economic and social questions. Chapter 1, Development policy and international economic cooperation

Abstract

In 2001, the world economy took an unexpectedly severe and widespread downturn. Following an unprecedented period of growth, the slowdown began in the developed economies, particularly North America, but quickly spread around the world through global trade, finance and investment links. The pervasive slowdown, aggravated by the terrorist attacks against the United States in September, led to a substantial decline in global growth from4 per cent in 2000 to about 1.4 per cent in 2001. Growth in the developed economies was the lowest in a decade, as was annual average growth in the developing countries, with the exception of the year following the Asian crisis. The economies in transition exhibited greater resilience but their average growth also declined during the year. The global decline took on a particular significance in the context of increasing economic globalization and interdependence, which were important themes of deliberations within the major UN organs in 2001. The General Assembly's second high-level dialogue on strengthening international economic cooperation for development through partnership, which took place in September, focused on responding to globalization by promoting the integration of developing countries into the world economy and enhancing their integration into the emerging global information network. The Assembly also addressed the role of the United Nations in the context of globalization, as well as the importance of promoting global partnerships, particularly with the private sector. The Economic and Social Council adopted agreed conclusions on the role of the United Nations and the importance of relevant partnerships in promoting development, particularly through access to and transfer of information technologies. In April, the Commission on Sustainable Development examined the impact of economic globalization on sustainable development, with particular reference to developing countries. Also in April, the Committee for Development Policy considered economic governance responsibilities in the context of a globalizing world. In May, the Third United Nations Conference on the Least Developed Countries (LDCs) adopted the Brussels Declaration and the Programme of Action for the Least Developed Countries for the Decade 2001-2010, an updated set of commitments and measures for improving the lives of the 600 million people living in 49 LDCs worldwide.