UNITED NATIONS, Dec. 8 (UPI) -- The annual U.N. World Economic and Social Survey said Monday trade protectionism in wealthy countries is the biggest threat to poorer countries.
The report also recommends greater openness between developing countries with trade in poorer nations, estimated to account for about 40 percent of all trade in developing countries.
But it warns "openness and liberalization are not a panacea for poverty reduction," saying that economic policy-making has to be tailored to the individual circumstances of countries.
The survey draws a link between economic policies geared to promoting growth and a reduction in poverty and adds a mix of economic policies is best in fighting poverty.
The report said the maintenance of macroeconomic stability during times of growth ensures countries have greater maneuverability in economic crises and better protection for the poor.
It contrasts the experience of many East Asian countries in the late 1990s, when they recovered relatively quickly from a financial crisis, to Latin America, where crises have become cyclical and governments barely able to help the poor.
