18.03.2013 - Global commodities forum to ponder how to turn farm goods, raw materials into higher living standards
For decades, the basic farm goods and industrial raw materials that underpin the economies of many poor countries sold at low and volatile prices on world markets. Development experts and government officials lamented that these low returns kept nations in Africa, Asia and Latin America from expanding their economies and reducing poverty. Since the end of 2002, however, commodities prices have staged an unprecedented and long-lived boom - yet the windfall, while contributing to notable increases in gross domestic product (GDP) in a number of countries, especially in Asia, has been less significant in other countries, and has not led in those cases to other economic progress that was hoped for, such as economic diversification. In the countries that have done less well, there have been disappointingly small declines in poverty rates...............................................Full Article: Source