UNCTAD: Countries urged to change economic policies to stimulate growth

11.09.2014 08:02 "Agro Perspectiva" (Kyiv) — The United Nations Conference on Trade and Development (UNCTAD) says rich and poor countries much change their economic policies to stimulate growth and prevent a resurgence of the problems that caused the recent financial crisis, UN Radio says referring to the UNCTAD annual Trade and Development report. In its annual Trade and Development report, released today, UNCTAD calls on governments in industrialized countries to boost spending on social support systems, skills training and job creation as well as on infrastructure projects such as roads and schools. Increasing government expenditure, the agency’s economists contend will have a knock-on effect on the private sector, cause firms to invest more and give people more confidence in their household’s ability to spend. The UN Conference on Trade and Development is also advocating more international action to stop big corporations declaring their profits in countries with low taxes and indicating less revenue in countries with high taxation. According to UNCTAD, this tax manipulation and the use of tax havens by wealthy individuals, cost trillions of dollars. Addressing the problem, the organization says developing countries could earn much more than they receive in aid from wealthy nations.

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