Secondary industrial sector
The manufacturing, using raw materials and component parts, of final goods or other component parts (sometimes known as intermediate products.) Industries such as motor assembly, textiles and building and construction are part of this sector.
Special Drawing Rights (SDRs)
An artificial currency created by the IMF in 1969. SDRs are defined in terms of a “basket of currencies” - the Euro, the Pound Sterling, the Japanese yen and the US dollar. They are often referred to as ‘paper gold.’
Stores of seeds or plant tissue from a wide range of primitive strains and wild crop varieties. The seeds are kept as a future resource to help maintain genetic diversity.
A coordinated set of mostly restrictive fiscal and monetary policies aimed at reducing inflation, cutting budget deficits and improving the balance of payments.
A payment made by government to producers to contribute towards production costs. Subsidies are usually given either to keep the prices of goods low and/or stable, for example basic foodstuffs, or as a transfer from taxpayers to producers of particular goods.
An economy in which production is mainly for own consumption and the standard of living yields no more than the basic necessities of life – food, shelter and clothing.
An individual, group or organisation that has something to gain or lose from involvement in a given project, policy, initiative, etc.
The methods that an organisation will use to deliver services and implement activities in order to achieve its goals.
The reallocation of resources (labour and capital) among sectors of the economy in response to changing economic circumstances, including trading conditions, or changes in policy.
Structural adjustment loans
Large loans from the World Bank and IMF granted to developing countries on condition that they carry out economic reforms. These may include freeing up trade and reductions in government spending.
Development that meets the needs of people today without compromising the ability of future generations to meet their own needs.