His report says that national efforts to meet the challenges of globalization, in particular institution-building, are necessary but not sufficient. Action on a global scale, involving multilateral institutions as well as the world’s leading economies, is imperative.
Globalization demands greater responsibilities from all countries, according to the UN Secretary General’s report. It says that for developing countries, integration into a globalized and highly competitive world economy entails many new challenges.
The report lists these as:
- creating and sustaining a sound macroeconomic framework and an appropriately open, favourable and stable environment for trade and investment flows
- building economic and social infrastructures and institutions
- creating social safety nets
- undertaking sustained efforts to enhance the efficiency and flexibility of their economies through continuous human resource development as well as more effective, participatory and accountable governance.
“In a globally integrated market place, both developing and developed countries need to accept greater responsibility, transparency and accountability in policy-making”, the report to the General Assembly adds.
“Globalization of the economy implies globalization of responsibility and response capacity. But governments alone or even together cannot deliver without the cooperation of such key actors in the global economy as the private sector and the civil society.”