Economists of all persuasions recognize the critical role of finance in economic growth. The financial sector’s stability and depth are widely considered important in this connection.
Emerging market governments often draw lessons from previous financial crises – or at least claim to do so – to prevent their recurrence. However, such preventive measures are typically designed to address the causes of the last crisis, not the next one. Hence, some measures adopted may inadvertently become new sources of instability and crisis.
Although quite selective, targeted, edited and carefully managed, last year’s Panama Papers highlighted some problems associated with illicit financial flows, such as tax evasion and avoidance. The latest Global Financial Integrity (GFI)
report shows that illicit financial outflows (IFFs) from developing countries, already at alarming levels, continue to grow rapidly.
Various different, and sometimes contradictory lessons have been drawn from the 1997-1998 East Asian crises. Rapid or V-shaped recoveries and renewed growth in most developing countries in the new century also served to postpone the urgency of far-reaching reforms. The crises’ complex ideological, political and policy implications have also made it difficult to draw lessons from the crises.
As the United Nations’ Second Decade for the Eradication of Poverty (2008-2017) comes to an end, more self-congratulation is likely. Claims of victory in the war against poverty will be backed by recently released poverty estimates from the World Bank, entrusted by the UN system to monitor poverty.
This year marks the 25th anniversary of the declaration of 17 October as the International Day for the Eradication of Poverty by the United Nations General Assembly. Under the theme “Answering the Call of October 17 to end poverty: A path toward peaceful and inclusive societies,” this year’s commemoration reminds us of the importance of equality, dignity, solidarity and equal voice in the fight to end poverty everywhere.
On this International Day of Rural Women, the world celebrates women and girls in rural areas and the critical role they play in enhancing agricultural and rural development, improving food security and eradicating rural poverty.
In 1953 South Korea emerged from the ravages of a debilitating war, yet the total gross domestic product in nominal terms has surged 31,000 fold since 1953
Globally, 108 million people faced food crises in 2016, compared to about 80 million in 2015 – an increase of 35%, according to the 2017 Global Report on Food Crises
. Another 123 million people were ‘stressed’, contributing to around 230 million such food insecure people in 2016, of whom 72% were in Africa.
One of the 11 areas that the World Bank’s Doing Business
(DB) report includes in ranking a country’s business environment is paying taxes. The background study for DB 2017, Paying Taxes 2016
claims that its emphasis is “on efficient tax compliance and straightforward tax regimes”.
Ghana is home to the world’s favourite cocoa beans. They’re bigger in size, have a higher butter content and superior flavour – all qualities which make Ghana’s cocoa the world standard against which all cocoa is measured.
Since the 1950s, there has been a popular dance called the ‘limbo rock’, with the winner leaning back as much as possible to get under the bar. Many of today’s financial centres are involved in a similar game to attract customers by offering low tax rates and banking secrecy.
Having faced a year of record temperatures and devastating hurricanes, the United States stands more to lose if it doesn't take steps to reduce the risk and impact of climate change, according to a new report.
The Trump administration’s promise to increase infrastructure spending should break the straightjacket the Republicans imposed on the Obama administration after capturing the US Congress in 2010. However, in proportionate terms, it falls far short of Roosevelt’s New Deal effort to revive the US economy in the 1930s.
When travelling abroad for work and looking for accommodation, Joe Eyango, a Cameroonian living in the US, considers two factors: convenient transportation from the airport and around the city and reliable Internet access. He is a university professor and wants to be able to jet in, hit the ground running, make his presentation and zoom off to another destination in a day or two.
Six out of ten children in the world are not achieving basic proficiency in reading and mathematics, a new report
by the United Nations Educational, Scientific and Cultural Organization (UNESCO) shows.
Since the turn of the century, much of Africa has achieved impressive economic growth. Sixteen African countries were among the world’s top 30 fastest growing nations. Last year, the 10 fastest growing African economies posted GDP growth rates exceeding 5 per cent.
Not a single month has passed without dreadful disasters triggering desperate migrants to seek refuge in Europe. According to the International Organization for Migration (IOM), at least 2,247 people have died or are missing after trying to enter Europe via Spain, Italy or Greece in the first half of this year. Last year, 5,096 deaths were recorded.
Since 2000 the continent of Africa has recorded impressive rates of economic growth. This remarkable performance has been largely driven by the prolonged commodity boom and development assistance. While the continent shows great diversity in the socio-economic trajectories of its countries, growth rates have generally masked an underlying lack of structural transformation, which is needed to achieve socially inclusive and environmentally sustainable development.
Thanks to globalization and trade liberalization of commodities, services and goods, global trade has reached an unprecedented level. According to the United Nations Conference on Trade and Development, world trade in goods was valued at approximately USD 16 trillion. North-North trade generates the highest trade volume at approximately 6 trillion
; trade flows within and between countries of the Global South amounts to 4.6 trillion. Trade between the Global South and the Global North -approximately between 2.5 and 3 trillion - add up to less than the trade flows within the Earth’s two main poles.
Is it possible for the financial sector of Latin America and the Caribbean not only to think about earning money but also to contribute to the 2030 Agenda for Sustainable Development? The answer was sought in Buenos Aires, Argentina, at a regional roundtable on sustainable finance, the United Nations Environment Finance Initiative.