11) International organisations

Question 1

What does the WTO stand for and what does it do?

Answer 1

• World trade organisation
• they promote free trade between members countries and are in charge of trading fairness and rules
• settling trade disputes

Question 2

What methods do the WTO use to promote fair trade and what problems are they trying to overcome

Answer 2

Use
- import licences, export subsidies and other non-tariff barriers

Overcome-
-protectionism (quotas and tariffs)

Question 3

What is the IMF and what does it do?

Answer 3

International monetary fund

• provides short term loans to countries struggling with BOP problems and advice to help economic growth
• promoting global monetary cooperation, financial stability, international trade, employment and sustainable economic growth.

Question 4

What problems are the IMF focused on sorting?

Answer 4

-economic growth related problems eg unemployment and financial instability

Question 5

What is the world bank and what does it do?

Answer 5

• Provides grants and low interest loans
• Offers policy advice and technical assistance to developing countries
• Co-ordinates projects with governments

Question 6

How does the world bank differ to the IMF?

Answer 6

IMF more concerned with economic growth with short term loans, whereas the bank is more concerned with economic development and long term sustainability

Question 7

How does the world bank help poverty and what countries often benefit?

Answer 7

Developing economies where poverty is more of a widespread issue.
- they work with the government to encourage infrastructural developments that boost economic development and provide higher standards of living, therefore better HDI rankings