According to the recent WTO report, the financial crisis and consequent collapse of aggregate demand in Europe and North America created a global economic recession that has dragged down the volume of merchandise trade by over 10% in 2009, back to the level at which it stood in 2005. Developing countries remain particularly vulnerable to further contraction of their exports as well as to shortage of bank financing and declining FDI, falling commodity prices, reduction in earnings from remittances and uncertainty over future ODA flows.

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