This 2021 edition of the State of Commodity Dependence contains statistical profiles for 195 UNCTAD member States.

The report outlines the state of fragility in 2022, reviews current responses to it, and presents options to guide better policies for better lives in fragile contexts.

Commodity prices are projected to increase marginally until 2030. The challenge for developing countries is to foster an environment that combines fiscal, sectoral and social policies to prevent price volatility from impacting national economies.

This book reviews and analyses the comprehensive socioeconomic reforms undertaken in Uzbekistan since 2016 by the government led by President Shavkat Mirziyoyev. The volume takes the reader through the different sectors of the economy and the effects of reforms on the country’s citizens. The various developments are detailed, examining the gains and the gaps in terms of policy and implementation. Using the broad tools of economics and, in particular, of development economics, the authors present evidence to drive their conclusions and recommendations, and also draw on comparative cases from policy and practice to illustrate alternative approaches and results from measures in other transition countries. Implementing Uzbekistan’s ambitious economic transformation into a market economy is a challenging process that takes time. This book provides the first systematic and comprehensive discussion of the government’s reform areas, including the macroeconomic fundamentals, business and investment climate, the energy, transport, health, education, social protection, financial, banking and agriculture sectors, regional trade, tourism and transport connectivity, reform of state-owned enterprises, as well as public services, citizen engagement and gender equality.

Over the past decades, inequality has risen not just in advanced economies but also in many emerging market and developing economies, becoming one of the key global policy challenges. And throughout the 20th century, Latin America was associated with some of the world’s highest levels of inequality. Yet something interesting happened in the first decade and a half of the 21st century. Latin America was the only region in the World to have experienced significant declines in inequality in that period. Poverty also fell in Latin America, although this was replicated in other regions, and Latin America started from a relatively low base. Starting around 2014, however, and even before the COVID-19 pandemic hit, poverty and inequality gains had already slowed in Latin America and, in some cases, gone into reverse. And the COVID-19 shock, which is still playing out, is likely to dramatically worsen short-term poverty and inequality dynamics. Against this background, this departmental paper investigates the link between commodity prices, and poverty and inequality developments in Latin America.

Addressing major political developments in Iraq over the past century, this book provides an up-to-date and accessible study of the country, advancing a sympathetic yet balanced understanding of its critical role in the Middle East and North Africa (MENA) region and in global affairs. The author introduces three concepts to aid in understanding Iraq’s historical trajectory: the pursuit of power, the impact of state institutions, and the transformation of social identities. Using this analytical approach, the book illuminates the unique political, economic, and social dimensions of Iraqi national life. In addition to providing comparisons with several MENA countries and the Arab states, the book evaluates Iraqi relations with external actors, including the United States, the European powers, China, and Russia. Though conscious of Iraq’s long and complex history, special attention is paid to contemporary events, ranging from Saddam Hussein’s invasion of Kuwait in 1990 to the American-led invasion in 2003, and more recent struggles with elections, the Islamic State, and democracy. It is nevertheless argued that, despite its challenges, Iraq’s story remains hopeful, moving forward in time. Both wide-ranging and closely focused, the book is vital reading for students, scholars, and general audiences interested in Iraqi politics, international relations, and political economy.

The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.

The Agricultural Outlook 2021-2030 is a collaborative effort of the Organisation for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO) of the United Nations. It brings together the commodity, policy and country expertise of both organisations as well as input from collaborating member countries to provide an annual assessment of the prospects for the coming decade of national, regional and global agricultural commodity markets. The publication consists of 11 Chapters; Chapter 1 covers agricultural and food markets; Chapter 2 provides regional outlooks and the remaining chapters are dedicated to individual commodities.

Commodity markets are integral to the global economy. Understanding what drives developments of these markets is critical to the design of policy frameworks that facilitate the economic objectives of sustainable growth, inflation stability, poverty reduction, food security, and the mitigation of climate change. This study is the first comprehensive analysis examining market and policy developments for all commodity groups, including energy, metals, and agriculture, over the past century. It finds that, while the quantity of commodities consumed has risen enormously, driven by population and income growth, the relative importance of commodities has shifted over time, as technological innovation created new uses for some materials and facilitated substitution among commodities. The study also shows that commodity markets are heterogeneous in terms of their drivers, price behavior, and macroeconomic impact on emerging markets and developing economies, and that the relationship between economic growth and commodity demand varies widely across countries, depending on their stage of economic development. Policy frameworks that enable countercyclical macroeconomic responses have become increasingly common—and beneficial. Other policy tools have had mixed outcomes. Discussions about commodity-exporting emerging markets are often based on ideas without empirical or analytical support. This book is a great contribution to improve our understanding of those economies, based on rigorous research. It provides robust empirical evidence including a long-term perspective on commodity prices. It also contains very thoughtful policy analysis, with implications for resilience, macroeconomic policies, and development strategies. It will be a key reference for scholars as well as policy makers. José De Gregorio Dean of the School of Economics and Business Universidad de Chile Former Minister of Economy, Mining and Energy and Former Governor of the Central Bank of Chile A sound understanding of commodity markets is more essential than ever in light of the COVID-19 pandemic, the war in Ukraine, and the transition from fossil fuels to renewable energy commodities. This volume offers an excellent, comprehensive, and very timely analysis of the wide range of factors that affect commodity markets. It carefully surveys historical and future trends in commodity supply, demand, and prices, and offers detailed policy proposals to avoid the havoc that turbulent commodity markets can cause on the economies of commodity exporters and importers. Rick Van der Ploeg Research Director of Oxford Centre for the Analysis of Resource-Rich Economies University of Oxford

For many countries, primarily in the Global South, extractivism – the exploiting and exporting of natural resources – is big business. For those exporting countries, natural resource rents create hope and promise for development which can be a seductive force. This book explores the depth of extractivism in economies around the world. The contributions to this book investigate the connection between the political economy of extractivism and its impact on the sociopolitical fabric of natural resource exporting societies in Asia, Africa, Latin America, and Eastern Europe. The book engages with a comparative perspective on the persistence of extractivism in these four different world regions. The book focuses on the formative power of rents and argues that rents are seductive. The individual contributions flesh out this seductive force of rents on different political scales and how this seduction affects a variety of actors. The book investigates how these actors react to the prevalence of rent, how they align or break with specific political and economic strategies, and how myths of resource-driven development play out on the ground. The book, therefore, underlines that rent theory bridges current debates in different area communities and offers fresh insights into extractivist societies’ social, economic, and political dynamics. This book will be of significant interest to readers in political economy, political science, development studies, and area studies.