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The five Regional Commissions come together at a time in which the world's economies face some of the most difficult challenges presented in the past century: from climate change effects to extreme food/fuel price volatility to the worst global recession since the Great Depression. The effects these are having on developing countries' efforts to meet the Millennium Development Goals are worrisome. This report focuses on the economic crisis. What started as a financial crisis in the United States has quickly unfolded into an economic crisis that now threatens to roll back the development gains of the last decade and may precipitate a human tragedy in many parts of the developing world. The issues are global: this affects every developing country from every region requiring that each country devise a strategy for addressing the challenges. At the same time, intergovernmental cooperation, both globally and regionally will be central towards ensuring that the solutions are equitable and efficient. The analysis presented in this report provides a regional perspective on how this crisis is impacting the member states of the five Regional Commissions of the United Nations, and examines the type and adequacy of responses at the national and regional levels. It suggests ways in which the Regional Commissions can use their collective strengths to prevent the economic crisis from becoming a human crisis.

The Global Economic and Financial Crisis: Regional Impacts, Responses and Solutions

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Macroeconomic Policy and Financing for Development Division +66 2 288-1234 [email protected]