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macroeconomics assignment

Macroeconomics

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0% found this document useful (0 votes)
14 views15 pages

macroeconomics assignment

Macroeconomics

Uploaded by

Zaka Malik
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Usman

Roll No. 23331

ADC : 3

Economics Assignment

Introduction of World Bank

The World Bank is an international financial institution that provides loans, grants, and other
financial assistance to developing countries to help them achieve their development goals.
The World Bank is headquartered in Washington, D.C. and has over 130 member countries.

History of World Bank

# Early Years (1944-1950s)

1. Bretton Woods Conference: The World Bank was established on July 22, 1944, at the
Bretton Woods Conference in New Hampshire, USA. The conference aimed to create a new
international economic order after World War II.
2. Founding Members: The World Bank was founded by 44 countries, with an initial
authorized capital of $10 billion.
3. First President: Eugene Meyer, an American banker and economist, became the first
president of the World Bank.

# Reconstruction and Development (1950s-1960s)

1. Reconstruction of Europe: The World Bank's initial focus was on rebuilding war-torn
Europe. It provided loans to countries like France, the UK, and the Netherlands.

2. Expansion to Developing Countries: In the 1950s, the World Bank began to shift its focus
to developing countries, providing loans for infrastructure projects like roads, bridges, and
dams.
3. Establishment of IDA: In 1960, the World Bank established the International

Development Association (IDA), which provides concessional loans to the poorest countries.
# Poverty Reduction and Globalization (1970s-1990s)

1. Poverty Reduction: In the 1970s, the World Bank's focus shifted to poverty reduction,
with a emphasis on rural development, education, and healthcare.
2. Structural Adjustment Loans: In the 1980s, the World Bank introduced structural
adjustment loans, which aimed to help countries implement economic reforms and stabilize
their economies.
3. Globalization and Trade: In the 1990s, the World Bank played a key role in promoting
globalization and trade liberalization, with a focus on reducing trade barriers and promoting
foreign investment.

# Modernization and Reforms (2000s-Present)

1. Reforms and Modernization: In the 2000s, the World Bank underwent significant
reforms, aimed at improving its governance, transparency, and accountability.
2. Sustainable Development Goals: In 2015, the World Bank committed to supporting
the United Nations' Sustainable Development Goals (SDGs), which aim to eradicate poverty,
promote sustainable development, and protect the environment.
3. Climate Change and Global Challenges: Today, the World Bank is focused on
addressing global challenges like climate change, pandemics, and inequality, while
continuing to support economic development and poverty reduction in developing
countries.

Objectives of World Bank

Primary Objectives

1. Poverty Reduction: The World Bank aims to reduce poverty and improve living
standards in developing countries.
2. Promoting Sustainable Development: The World Bank seeks to promote sustainable
development by supporting projects and programs that balance economic, social, and
environmental considerations.

3. Encouraging Economic Growth: The World Bank aims to encourage economic growth
and development in developing countries by providing financing, advice, and technical
assistance.
Secondary Objectives

1. Improving Infrastructure: The World Bank supports the development of


infrastructure, such as roads, bridges, and energy systems, to facilitate economic growth and
development.
2. Promoting Human Development: The World Bank supports investments in human
development, such as education, healthcare, and social protection, to improve living
standards and reduce poverty.
3. Enhancing Institutional Capacity: The World Bank helps developing countries build
strong institutions and improve governance to support economic development and poverty
reduction.
4. Supporting Private Sector Development: The World Bank supports the development
of the private sector in developing countries by providing financing, advice, and technical
assistance.
5. Addressing Global Challenges: The World Bank addresses global challenges, such as
climate change, pandemics, and inequality, by supporting projects and programs that
promote sustainable development and reduce poverty.
Abdullah
Roll no: 23328

ADC : 3

Economics Assignment

Introduction of WTO:
The World Trade Organization (WTO) is an international organization that aims to promote
free trade and economic cooperation among its member countries. The WTO provides a
framework for trade negotiations, trade dispute settlement, and trade policy review. Its
main goal is to reduce trade barriers and promote economic growth and development.

History of WTO:
The WTO has its roots in the General Agreement on Tariffs and Trade (GATT), which was
established in 1947. GATT was a multilateral agreement that aimed to reduce tariffs and
other trade barriers. Over the years, GATT underwent several rounds of negotiations,
including the Kennedy Round, the Tokyo Round, and the Uruguay Round.

Key Milestones in WTO History


1. 1947: Establishment of GATT:
GATT was established on October 30, 1947, with 23 founding members.
2. 1960s-1970s: Kennedy and Tokyo Rounds:
The Kennedy Round (1964-1967) and the Tokyo Round (1973-1979) aimed to reduce tariffs
and non-tariff barriers.
3. 1986-1994: Uruguay Round:

The Uruguay Round (1986-1994) led to the establishment of the WTO. The round aimed to
reduce tariffs, liberalize trade in services, and strengthen intellectual property protection.

4. 1995: Establishment of WTO:


The WTO was established on January 1, 1995, with 128 founding members.
5. 1990s-2000s: Doha Round:
The Doha Round (2001-2015) aimed to reduce trade barriers, improve market access, and
strengthen trade rules.

Evolution of WTO
Since its establishment, the WTO has undergone significant changes. Some notable
developments include:

1. Expansion of Membership:
The WTO has expanded its membership from 128 founding members to 164 member
countries.
2. New Trade Agreements:
The WTO has negotiated new trade agreements, such as the Agreement on Trade-Related
Aspects of Intellectual Property Rights (TRIPS) and the Agreement on Sanitary and
Phytosanitary Measures (SPS).
3. Dispute Settlement Mechanism:
The WTO has established a dispute settlement mechanism to resolve trade disputes among
member countries.
4. Trade Facilitation Agreement:

The WTO has implemented the Trade Facilitation Agreement (TFA), which aims to simplify
and streamline international trade procedures.
Muhammad Zeeshan Shahid

Roll No. 23334

ADC : 3

Economics Assignment

Topic: Objectives and Functions of World Trade Organization

Introduction:

The World Trade Organization (WTO) is an international organization that aims to promote
free trade and economic cooperation among its member countries. It was established on
January 1, 1995, and is headquartered in Geneva, Switzerland.

History of World Trade Organization:

The World Trade Organization (WTO) was established on January 1, 1995, as a result of the
Uruguay Round of trade negotiations. The Uruguay Round was a major overhaul of the
international trading system, which aimed to reduce trade barriers and promote free trade.

Back ground(GATT):

The WTO was formed to replace the General Agreement on Tariffs and Trade (GATT), which
was established in 1947. GATT was a multilateral agreement that aimed to reduce tariffs and
other trade barriers. However, GATT had several limitations, including the lack of a formal
institutional structure and limited coverage of trade issues.

Members of World Trade Organization:

The World Trade Organization (WTO) has 164 member countries, which account for more
than 95% of global trade. Here is a list of the WTO member countries, grouped by region:
Africa (44 countries)

1. Algeria
2. Angola
3. Benin

Asia (34 countries)

1. Afghanistan
2. Armenia
3. Azerbaijan

Europe (50 countries)

1. Albania
2. Andorra
3. Austria

Latin America and the Caribbean (33 countries)

1. Antigua and Barbuda


2. Argentina
3. Bahamas

North America (3 countries)

1. Canada
2. Mexico
3. United States

Oceania (14 countries)

1. Australia
2. Fiji
3. Kiribati

World Trade Organization(WTO):

The World Trade Organization (WTO) is an international

organization that promotes and regulates international trade among its member countries.
Its main objective is to facilitate free and fair trade, promote economic growth and
development, and reduce trade barriers.

For Example: Trade Agreements, Dispute Settlement, Trade Facilitation.

Objectives of World Trade Organization

1. Promoting Free Trade: The WTO aims to promote free trade by reducing or
eliminating tariffs, quotas, and other trade barriers. This helps to increase trade volumes,
economic growth, and employment.
2. Increasing Economic Growth: By promoting free trade, the WTO aims to increase
economic growth and development among its member countries. This is achieved through
increased trade, investment, and competition.

3. Improving Living Standards: The WTO aims to improve living standards by increasing
access to goods and services. This is achieved through trade liberalization, which helps to
reduce prices and increase the availability of goods and services.

4. Reducing Poverty: The WTO aims to reduce poverty by promoting economic growth
and development. This is achieved through increased trade, investment, and competition,
which helps to create jobs and increase incomes.

5. Promoting Fair Competition: The WTO aims to promote fair competition by


establishing rules and disciplines that prevent unfair trade practices. This helps to ensure
that all member countries compete on a level playing field.

6. Encouraging Foreign Investment: The WTO aims to encourage foreign investment by


promoting a stable and predictable trade environment. This helps to attract foreign investors
and promote economic growth and development.

7. Facilitating Trade: The WTO aims to facilitate trade by simplifying and streamlining
customs procedures, reducing trade barriers, and promoting the use of technology.

8. Providing a Platform for Trade Negotiations: The WTO provides a platform for trade
negotiations among its member countries. This helps to promote cooperation and
coordination on trade issues and to resolve trade disputes.

9. Promoting Transparency and Accountability: The WTO aims to promote


transparency and accountability in trade policies and practices. This helps to ensure that all
member countries comply with WTO rules and disciplines.
10. Supporting Sustainable Development: The WTO aims to support sustainable
development by promoting trade policies and practices that are environmentally friendly
and socially responsible.

Functions of World Trade Organization

1. Trade Negotiations: The WTO provides a forum for trade negotiations among its
member countries, aiming to reduce trade barriers and promote free trade.

2. Trade Dispute Settlement: The WTO provides a framework for settling trade disputes
among its member countries, helping to avoid trade wars and promote a stable trading
system.

3. Trade Policy Review: The WTO reviews the trade policies of its member countries to
ensure they comply with WTO rules and agreements.

4. Technical Assistance: The WTO provides technical assistance to its member countries
to help them build capacity to participate in international trade.

5. Trade Facilitation: The WTO aims to simplify and streamline international trade
procedures, reducing costs and increasing efficiency.

6. Monitoring Trade Policies: The WTO monitors trade policies of its member countries
to ensure they comply with WTO rules and agreements.

7. Providing Trade-Related Information: The WTO provides trade-related information


and statistics to its member countries and the public.
8. Promoting Cooperation with Other International Organizations: The WTO
cooperates with other international organizations, such as the International Monetary Fund
(IMF) and the World Bank, to promote economic development and cooperation.
9. Providing a Platform for Multilateral Trade Negotiations: The WTO provides a
platform for multilateral trade negotiations, allowing countries to negotiate trade
agreements on a multilateral basis.
10. Encouraging Transparency and Accountability: The WTO promotes transparency and
accountability in international trade, encouraging countries to implement transparent and
predictable trade policies.

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