Developing nations need shift to balanced growth

Developing and transitional economies need to move toward more balanced growth and emphasize domestic demand, a report by the United Nations Conference on Trade and Development said.

The Trade and Development Report 2013, which was released in Xiamen, Fujian province, during the annual China International Fair for Investment and Trade, said a prolonged period of slow growth in developed countries will mean continued sluggish growth in their imports.

"Developing and transitional economies need to reconsider development strategies that have been overly dependent on exports. Instead, they should give greater weight to domestic demand," said Li Yuefen, head of the debt and development finance branch of UNCTAD.