World trade becalmed – no circuit breaker in sight
THOSE TRADE WINDS have died, and Asian economies modelled on export-led growth are in a ‘very challenging’ position, says Joakim Reiter, Deputy Secretary-General of UNCTAD. Trading economies are now competing for the same markets, not selling to an expanding pie. Reiter worries about private debt in Asia, and fears for the future of poorer countries that squandered development opportunities during the resources boom – a boom he does not expect to be repeated . . .