Impacts of Economic Globalization

 

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Ambassador Donoghue gave a brief summary of Ireland’s economic structure and history to begin the November 29 session. The Permanent Mission of Ireland organized the meeting, and Mr. Steve Landefeld provided attendants with an in-depth summary and outline of the associated data. Mr. Ataman Ozyidirim discussed the current trends, uncertainties, and relevant “disruptions” that will determine Ireland’s economic future. He discussed TCB data that supports global economic growth projections and explained advancements in productivity data new this year. He ended and stressed the importance of creating value through qualitative growth by implementing more reliable and effective ways of measuring GDP. Mr. Klaus Tilmes and Ms. Deborah Winkler discussed ways to make global value chains (GVCs) work for development. They lectured on development through GVC Participation, relevant policy questions, assessing GVC participation, and WGB country engagement. Mr. Klaus and Ms. Winkler provided examples of multifaceted approaches relevant in Bangladesh, the ICT sector in Vietnam, and the livestock sector in Mali.

Mr. Michael Connolly’s presentation focused on Irish national accounts and payment balance within them. He focused on MNE dominance, communication challenges, the impact of increasing stocks in capital assets, trends in net exports, the impact of relocation (GDP to GNI transition), contribution of domestic demand and net exports to annual GDP, and the trends in Irish and EU household savings.The final panelist examined how to more efficiently measure global value chains, the impacts of technology, productivity, comparative advantage, and trade on U.S. employment, the growth and benefits of GVCs and trade, and the need for a system of extended international accounts and business statistics. The panelists ended the with case studies of globalization, an emphasis on the need for consistent aggregate estimates, and a discussion of MNCs and trade, MNCs and domestic economy, and MNE rates of return.

Meeting: Seminar on “Measuring the Impact of Economic Globalization” (organized by the Permanent Mission of Ireland)

Date/Location: Tuesday, 29 November 2016; 10:00 to 13:00; UN Headquarters, Conference Room 12

Speakers: H.E. Ambassador Donoghue of the Permanent Mission of Ireland to the United Nations; Mr. Steve Landefeld of the UN Statistics Division; Mr. Ataman Ozyidirim (Director, Business Cycles and Growth Research of the Conference Board); Mr. Klaus Tilmes and Ms. Deborah Winkler of the World Bank; Mr. Michael Connolly (Director of the Central Statistics Office, Ireland); Mr. Timothy J. Sturgeon (Senior researcher MIT Industrial Performance Center)

Written By: Renée S. Landzberg, WIT Representative

Second Commitee Discusses Globalization and Interdependence

Mr. Willem van der Geest, Chief of the Development Strategy and Policy Branch of the Development Policy and Analysis Division in DESA introduced the report that provides an overview of the economic, social and environmental challenges we are facing. The report noted, with respect to economic challenges, that the need for more effective international policy coordination has become an imperative against the backdrop of a fragile recovery of the global economy and various downside risks. In regard to the social challenges the report noted that reducing inequality is at the core of a new ‘International Economic Order’. Lastly, the report noted in environmental challenges that an integrated vision that includes the social, economic, environmental and governance components of urbanization is required.

Next, Mr John Wilmoth, Director Population Division, Department of Economic and Social Affairs (DESA) noted three critical points. First, it is important to maintain the momentum and widespread support for including migrants, migration and mobility in the post-2015 development agenda. Second, it is imperative to promote peaceful societies and facilitate safe and orderly migration. Third, greater efforts are required to ensure that data on migration and its impact on development are collected, analysed and used for effective policy-making.

The representative of Bolivia on behalf of the Group of 77 and China commenced the general discussion by noting that the nexus between migration and development must be addressed comprehensibly and include a cultural and human perspective. They also suggested that the international community should explore a legally binding convention on migration and development to improve the governance of international migration and to protect human rights of migrants. The Representative of Saint Vincent and the Grenadines on behalf of the Caribbean Community (CARICOM) stated the importance of globalization being inclusive and equitable. They also highlighted that their cultural sectors are significant contributors to job creation, economic development and their national pride and identities. The Representative of Philippines on behalf of the Association of Southeast Asian Nations (ASEAN) stated that they envisage the free flow of services and the free flow of skilled labour, both of which have a deep impact on international migration and development in the region. Finally, the representative of Malawi on behalf of the African Group noted that the current process of globalization is generating unbalanced outcomes, both among and within countries. Malawi called on the international community to assist in enhancing regional and international cooperation for research and technological development.

 

Meeting Title: 22nd and 23rd meeting of the Second Commitee: ‘Globalization and Interdependence [item 21]’
Date: 27 October 2014
Location: Conference Room 2, UN Headquarters, New York
Written by WIT Representative: Aslesha Dhillon

Edited by WIT Representative: Philip Bracey