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.
The underlying message at the fifth annual Stockholm Forum on Peace and Development was summed up in its telling title “The politics of peace.”But the task ahead was overwhelmingly difficult: How do you advance peace and development against the backdrop of political unrest in parts of Asia and Africa and continued conflicts in the Middle East— all of them amidst rising global military spending triggering arms sales running into billions of dollars.
As funding to combat climate change has lagged behind lofty words, the One Planet Summit in France this week invited governments and business leaders to put money on the table.
Following the 2007-2008 global financial crisis and the Great Recession in its wake, the ‘new normal’ in monetary policy has been abnormal. At the heart of the unconventional monetary policies adopted have been ‘asset purchase’ or ‘quantitative easing’ (QE) programmes. Ostensibly needed for economic revival, QE has redistributed wealth – regressively, in favour of the rich.
A decade ago, it was difficult to get Western policy makers in governments to be interested in the role of religious organizations in human development. The secular mind-set was such that religion was perceived, at best, as a private affair. At worst, religion was deemed the cause of harmful social practices, an obstacle to the “sacred” nature of universal human rights, and/or the root cause of terrorism. In short, religion belonged in the ‘basket of deplorables’.
In a petition signed by 150 NGOs, the Coalition for Human Rights in Development have called for development banks to make sure that human rights are respected by their beneficiaries.
Although “leave no one behind” has become a central rallying cry around the UN's Sustainable Development Goals, more needs to be done for it to be put into practice, civil society said during a review conference of progress made on the Post-2030 agenda here this week.
The Beijing-based Asian Infrastructure Investment Bank (AIIB), which was launched last year with the aim of funding projects on a continent with some of the world’s most populous nations, has pledged over $500 million in four concessional loans to Bangladesh, Indonesia, Pakistan and Tajikistan.
Currently only six percent of humanitarian aid worldwide comes in the form of cash handouts, yet many aid organisations believe that cash transfers should be seen as the rule, not the exception.
Companies, governments and non-profit actors agree that economic growth and sustainable development have to go hand in hand to shape our increasingly globalised world in a fair way.
Last month, over two thousand high-level participants from across the world met in Antalya, Turkey for the Midterm Review of the Istanbul Programme of Action, an action plan used to guide sustainable economic development efforts for Least Developed Countries for the 2011 to 2020 period. The main goal was to understand the lessons learnt by the world’s Least Developed Countries (LDCs) over the past five years and apply the knowledge moving forward.
Global economic growth prospects for 2016 have been downgraded to 2.4 percent, in contrast to the initial 2.9 percent rate expected in January 2016, according to a World Bank report released here Wednesday.
Although mega dams can have devastating impacts on ecosystems and indigenous communities, many of the world’s poorest countries still see them as a way to fill gaping holes in their energy supplies.
The region of Cuyo in west-central Argentina is famous for its vineyards. But it is one of the areas in the country hit hardest by the effects of climate change, such as desertification and the melting of mountain top snow. And local winegrowers have come up with their own way to fight global warming.
Finance ministers and central bank governors of the world’s 20 major economies, accounting for 66 percent of world population, have pledged to “promote an enabling global economic environment for developing countries as they pursue their sustainable development agendas”.
The military conflicts and political instability driving hundreds of thousands of refugees into Europe were triggered largely by U.S. and Western military interventions for regime change – specifically in Iraq, Afghanistan, Libya and Syria (a regime change in-the-making).
The long saga on Greece is apparently over – European institutions have given Athens a third bailout of 86 billion euros which, combined with the previous two, makes a grand total of 240 billion euros.
The investor-state dispute settlement (ISDS) system has come under increasing criticism in recent years.
In recommendations to German Chancellor Angela Merkel at the end of July, the German Council of Economic Experts outlined
how a weak member country could leave the Eurozone and called for strengthening the European monetary union.
The formal opening of the BRICS Bank in Shanghai on Jul. 21 following the seventh summit of the world’s five leading emerging economies held recently in the Russian city of Ufa, demonstrates the speed with which an alternative global financial architecture is emerging.
A leading geothermal expert warns that the small island states in the Caribbean face “a ticking time bomb” due to the effects of global warming and suggests a shift away from fossil fuels to renewable energy is the only way to defuse it.