World economy entering new paradigm

Sharma predicted a gloomy picture for the developed world in terms of economic performance in the coming years. Squarely blaming the developed nations for the failure of the Cancun round of WTO talks, Sharma said that multilateral agreements had gone into a coma as the developed world was not serious about eradicating poverty from the developing nations.

He added that the developed nations, especially the US, put active entry barriers for developing nations to enter new markets. He observed that alliance formation amongst developing nations was against the interest of developed nations.