United Nations Trade and Development Report 2009 presents a gloomy global economic outlook in the context of the ongoing global financial and economic crisis. It looks at the channels through which this deep crisis, which originated in developed countries, is spreading to developing and transition economies: through financial flows, international trade and commodity prices, migrants´ remittances and external debt. [The report] examines in some detail the short-term policy responses taken to tackle the immediate effects of this crisis. These include fiscal stimulus packages, monetary policy easing, and support for ailing financial institutions. Monetary easing and large bailout operations may have prevented a meltdown of the financial system, but they have been insufficient to revive global demand and halt rising unemployment. Countercyclical fiscal policy measures that have a direct effect on aggregate demand should be reinforced, in a coordinated global manner.”