A global trade war has broken out. The United States fired the first salvo and there has been retaliation by the European Union, Canada, China and even India. Tariffs on certain imported goods have been increased in a tit-for-tat reaction.
The United States has had the world’s largest trade deficit for almost half a century. In 2017, the US trade deficit in goods and services was $566 billion; without services, the merchandise account deficit was $810 billion.
Do forgive the people of this country if they cannot make sense of our present economic predicament. On one hand, they are told repeatedly (and correctly) that the economy has started reaping the benefits of CPEC — the ‘game changer’ — in the form of significantly reduced load-shedding, an upturn in investment and a not unimpressive recovery in economic growth. At the same time, they are told that the economy is in dire straits!
Donald John Trump, 45th and current president of the United States, has been seen in many illustrious circles as an anomaly that cannot last. Well, it is time to look at reality.If we put on the glasses of people who have seen their level of income reduced and are afraid of the future, Trump is here to stay, and he is a result and not a cause.
There are increasing warnings of an imminent new financial crisis, not only from the billionaire investor George Soros, but also from eminent economists associated with the Bank of International Settlements, the bank of central banks.
Seven years after being on the verge of a financial collapse, Greece is now seeing better times. Its economic accounts have clearly improved but what is not under the spotlight is how the Greek people are still paying for the effects of the crisis.
It is now more than a decade and a half since the last severe currency crisis in a major emerging economy ‒ that was in Argentina in 2001-2002 following a series of crises in Russia, Turkey and Brazil. It is now common knowledge that such crises generally occur when countries fail to manage surges in capital inflows so as to prevent build-up of fragility including currency appreciations, large and persistent current account deficits, increased leverage and currency and maturity mismatches in balance sheets.
Inequalities are on the rise. Since 1980, 1% of the richest people have received double income than the 50% of the poorest
. After several years of decline, hunger is also on the rise. The report on the State of Food Security and Nutrition in the World
estimates that the number of chronically undernourished people in the world increased from 777 million in 2015 to 815 million in 2016. If we go deeper into the analysis we observe that three-quarters of the world’s extremely poor and food-insecure people live in rural areas.
After largely failing to provide 0.7 per cent of their Gross National Income (GNI) in aid to developing countries for almost half a century since making the commitment, donor countries have recently promoted blended finance (BF) as a solution to the financing for development challenge. Blending refers to combining public development funds (in the form of grants, technical assistance or interest indemnification) with loans from private lenders.
Interest is growing in illicit finance because great-power competition is playing out in boardrooms, stock markets, trade wars, and compliance departments. The US anti-money laundering (AML) regime needs an update that enhances national security and sets an example for the rest of the world.
When the world’s finance ministers and central bank governors assemble in Washington later this month for their semi-annual IMF meeting, they will no doubt set aside time for yet another discussion of the lingering debt problems in the Eurozone or how impaired bank debt could impact financial stability in China.
As global citizens face an array of issues from unemployment to discrimination, affecting their livelihoods and potential, a UN agency called upon businesses to employ a new, sustainable, and inclusive model that benefits all.
One year into the most recent series of protests and a humanitarian crisis with no end in sight, international groups have called for action to help protect Venezuelans.A complex political and economic crisis in Venezuela has left millions without access to basic services and resources, prompting UN agencies and human rights groups like Human Rights Watch to speak up and urge action.
It is now clearly evident that w e are in a period of transition, even though we remain uncertain as to its outcome.The political, economic and social system that has accompanied us since the end of the Second World War is no longer sustainable.
Khaled left Syria in 2015, when his country was already in its fourth year of war. He is 27 years old and can clearly remember what his life was like then in Damascus: a happy life, with a happy family, in a happy country.
At Davos in January, US President Donald Trump warned that the US “will no longer turn a blind eye to unfair economic practices” of others, interpreted by many as declaring world trade war. Before the US mid-term elections in November, Washington is expected to focus on others’ alleged “massive intellectual property theft, industrial subsidies and pervasive state-led economic planning” pointing to China without always naming names. With the Republican Party already united behind his tax bill, Trump senses an opportunity to finally unite the party behind him and to continue his campaign for re-election in 2020.
Over the last few months, the United States’ rhetoric on the Iran nuclear agreement has been ambiguous, creating an uncertain environment for investors. With John Bolton, President Donald Trump has now appointed a national security adviser who is actively seeking to leave the Iran deal.
US President Donald Trump’s recent announcement of steep tariffs on steel and aluminium imports seems to have shocked US allies, even though these were among his 2016 election promises. The European Union (EU), Australia and Canada reacted sharply, in contrast to the more restrained response from China, the main target of earlier actions.
The United Nations Headquarters and Brooklyn Bridge were lit up on Thursday night not to help tourists navigate the major landmarks but to bring attention to a key issue that many women and girls face today: period poverty.
In early 2016, the Trans-Pacific Partnership (TPP) Agreement -- involving twelve countries on the Pacific Ocean rim, including the USA -- was signed in New Zealand. Right after his inauguration in January 2017, newly elected US President Donald Trump withdrew from the TPP, effectively killing the agreement as its terms require the participation of both the US and Japan.
Over the last few decades, people in the developing world have been rejecting the intellectual property (IP) regime as it has been increasingly imposed on them following the establishment of the World Trade Organization (WTO) including its trade-related intellectual property rights (TRIPs) regime. IP rights (IPRs) have been further enforced through ostensible free trade agreements (FTAs) and investment treaties among two (bilateral) or more (plurilateral) partners.