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June 24, 2009

UN Conference Begins on Economic Reform
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Some researchers say developing nations are suffering but have been shut
out from 'exclusive clubs' of developed economic nations, such as G8 
United Nations Headquarters in New York (File)Officials from 126
countries are gathering at the United Nations headquarters in New York
for a three-day conference on reforming the global financial system.
Some researchers, including Martin Knor, the head of the Geneva-based
South Center, say developing nations are suffering but have been shut
out from "exclusive clubs" of developed economic nations, such as the
Group of Eight. One international organization gave a somewhat upbeat
assessment of the economy Wednesday. The Paris-based Organization for
Economic Cooperation and Development said the worst recession in almost
60 years is bottoming out. The OECD says economic growth in its 30
member countries will contract less than expected this year falling by
4.1 percent instead of 4.3 percent while predicting slight growth in
2010.This is the first time in two years that the OECD has issued an
upward revision of its economic projections. But the report also warns
"the economic and!
  social damage caused by the crisis will be long-lasting."The OECD says
while some larger, non-member countries like China, are already seeing
signs of a recovery, world trade will still fall by 16 percent this
year. OECD Secretary-General Angel Gurria also says unemployment rates
will continue to rise, with member nations losing 25 million jobs since
2007. He encouraged member nations to keep interest rates low and warned
scaling back economic stimulus plans could threaten an economic
recovery. Only 14 heads of state and government are scheduled to attend
the UN conference, including two leftist Latin American presidents,
Venezuela's Hugo Chavez and Bolivia's Evo Morales. Other nations are
sending low-level delegations. Participants have been negotiating a
final document that will spell out what role the world body could play
in reforming the global financial system, as well mechanisms to assist
developing countries. U.N. Assembly President Miguel D'Escoto Brockman
of Nicaragua is organizing the conference. 

Some information for this report was provided by AFP, AP and Reuters.


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