Editorial
The outcome from Davos
Expression of concern rather than commitment
The World Economic Forum meet in Davos ended on a note of warnings for the shape of things to come in 2008. The risk of a US recession and slowing global growth, as we see it, warrant 'a coordinated action' on the part of not only the economic power houses but also of developing countries. LDCs likely to be at the receiving end in terms of reduced prospect for export in the event of a recession in the west should have certain leveraging against fall in trade incomes through better terms of trade. So, the coordination of policies should not be entirely be confined to the world's elite but also be inclusive of developing countries' stand-points.
That said, we now move on to Bangladesh's concerns as an LDC which have been amply highlighted by Chief Adviser Fakhruddin Ahmed at the Davos meet. Our two major concerns relate to adverse effects of climate change and lack of duty-free access to the European Union and American markets.
What certainly deserves a special mention is former British Prime Minister Tony Blair's voicing of strong support, as the cochairman of the World Economic Forum meeting, to Bangladesh's twin demands: duty-free access of our goods to western markets and assistance to adapt with the adverse impact of climate change. We are not asking for any 'favour' but what we believe we deserve. Due to the climatic changes we have taken the brunt of two successive floods topped off by hurricane Sidr that wreaked havoc on a large swathe of our land. So much so that our pursuit of the millennium development goals might have been affected. UN chief Ban Ki-moon rightly challenged the delegates at Davos 'to renew a commitment to the UN Millennium Development Goals (MDGs) aimed at halving extreme poverty, boosting health and education and further empowering women across the developing world by 2015'. With the ODA to the developing world still lagging behind the targeted 0.7 percent of the GDP, a renewal of commitment to MDGs was only expected from the G-8 countries. But alas, such hopes have been belied. We do 'need new ideas and fresh approaches' as the UN Secretary General asserted.
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