Financial Crisis

Inclusive Education to Break the Cycles of Poverty

In September 2021, children in the northern hemisphere returned to school after the summer break. For some, the end of the holidays signaled a return to normalcy and to the joys of learning after facing months of school closures due to the Covid-19 pandemic. For the majority of children in the Global South, however, the return to reality looked grimmer.

QE, or No QE, That is the Question?

The guardians of the global economy convened in Washington this week to discuss their latest global growth forecasts. The World Bank-IMF Board of Governors meetings have been squarely focused on the global response to COVID-19, with economists warning of slowing momentum in wealthy nations and grossly uneven recoveries across the developing world.

Extreme Weather the New Normal if Global Warming Increases at Current Speed

Rondrotiana Barimalala is a climate researcher at the University of Cape Town in South Africa and a lead author for the IPCC report to the recently released Intergovernmental Panel on Climate Change (IPCC) report titled Climate Change 2021: The Physical Science Basis.

Data Drought in the Global South

In 2020, every human on Earth created an average of at least 1.7 megabytes of data per second, collectively amassing 2.5 quintillion data bytes. Some 90% of the world’s total data was created in the last two years alone.

‘Building Back Better’: Jordan’s Road to Green Economic Recovery

For the first time in decades, Jordan’s economy contracted in 2020. COVID-19 took a heavy toll on the economy, and it was concerning for the country, particularly because Jordan had managed to grow at an average rate of 2%, despite regional and international shocks to its economy amounting to 44% of Gross Domestic Product (GDP) over the past decade.

With the World Bank’s “Doing Business” Out of Business, What Should Come Next?

Last week the World Bank announced it was “discontinuing” its “Doing Business” report, which ranks countries on the ease of opening and operating a company.

Progressive Taxation for Our Times

As developing countries struggle to cope with the pandemic, they risk being set back further by restrictive fiscal policies. These were imposed by rich countries who no longer practice them if they ever did. Instead, the global South urgently needs bold policies to ensure adequate relief, recovery and reform.

The Covid-19 Youth Employment Crisis in Asia & the Pacific

A pre-pandemic report published by the International Labor Organization, ILO, the Global Employment Trends for Youth 2020, offered a sober analysis on the job market prospects for youth.

The ARC Model: Proactive Disaster Risk Financing for a More Resilient Africa

The world faces multiple crises: climate change, extreme weather events, food security and biodiversity. For African nations, these issues are compounded by the COVID-19 pandemic and epidemic outbreaks that include Rift Valley Fever and Malaria. With 35 African Union Member States as signatories to its establishment Treaty, the African Risk Capacity (ARC) Group – comprising of ARC Agency and ARC Limited - works with Governments to help improve their capacities to better plan, prepare, and respond to extreme weather disasters and natural disasters.

Central Banks Must Address Pandemic Challenges

Hopes for an inclusive global economic recovery are fast fading. As rich countries have done little to ensure poor countries’ access to vaccines and fiscal resources, North-South “fault lines” will certainly widen. Enhancing relief, recovery, transformation While the International Monetary Fund (IMF) has revised rich countries’ recovery prospects upward, the United Nations (UN) notes formidable challenges, especially for developing countries, due to the pandemic.

Beware UN Food Systems Summit Trojan Horse

Undoubtedly, the world needs to reform existing food systems to better serve humanity and sustainable development. But the United Nations World Food Systems Summit (UNFSS) must be consistent with UN-led multilateralism. For the first time ever, the World Economic Forum (WEF), a partnership of some of the world’s most powerful corporations, is partnering the UN in launching the Summit, now scheduled for September, with its ‘Pre-Summit’ beginning today.

Myths, Lobbies Block International Tax Cooperation

Too many have swallowed the myth that lowering corporate income tax (CIT) is necessary to attract foreign direct investment (FDI) for growth. Although contradicted by their own research, this lie has long been promoted by influential international economic institutions.

Southeast Asia and Food Price Inflation: Double Whammy

In 2020, Southeast Asian countries were already facing varied challenges that affected the region’s food supplies and prices. The onset of the Covid-19 pandemic later in the year exacerbated the region’s food insecurity and poverty. Southeast Asian countries need to take a hard look at food security, even as the double challenges — climate change and the Covid-19 pandemic — continue to fester.

New global index seeks to transform how developing nations are supported

The Commonwealth Secretary-General Patricia Scotland has spoken today urging the international community to make crucial changes to how it delivers finance to developing nations, proposing a new system that moves beyond the use of GDP as the sole criteria for receiving certain types of support.

Boldly Finance Recovery to Build Forward Better

COVID-19 has become a “developing country pandemic”, retreating from the North’s mass vaccination. With developing countries heavily handicapped, the International Monetary Fund (IMF) warns of a “dangerous [new] divergence”.

Powerful States Push Tax Race to the Bottom

Last week, the largest rich countries, home to most major transnational corporations (TNCs), agreed to a global minimum corporate income tax (GMCIT) rate. But the low rate proposed and other features will deprive developing countries of their just due yet again.

Paltry International Support for Spending Needs Sets South Further Back

With the pandemic setting back past, modest and uneven progress, huge disparities in containing COVID-19 and financing government efforts are widening the North-South gap and other inequalities once again.

Indian Muslim Minority Targeted During COVID-19 Pandemic

A Muslim call centre operator at a COVID-19 ‘war room’, who once saw himself a COVID-warrior, is now unemployed after being falsely branded by a top politician as a key member of a bed-for-bribe scam. He is a victim of the rise in Islamophobia in India as the country grapples with the COVID-19 pandemic – with scant evidence of condemnation from the authorities, say activists.

Why Investing in Women Is Key to Achieving the Sustainable Development Goals

Last year, the Asia-Pacific region recorded its worst economic performance in decades. With the pandemic far from over, the region’s recovery is slow, fragile and highly uneven both across and within countries. As the region struggles to recover, how can countries rebuild their economies and revive their development?

Pandemic Relief Policies Need More Resources, Better Design

Pandemic relief measures in developing countries have been limited by modest resources, fear of financial market discipline and policy mimicry. COVID-19 has triggered not only an international public health emergency, but also a global economic crisis, setting back decades of uneven progress, especially in developing countries.

Developing Countries Desperately Need COVID-19 Financing

Failure to sufficiently accelerate comprehensive efforts to contain COVID-19 contagion has greatly worsened the catastrophe in developing countries. Grossly inadequate financing of relief, recovery and reform efforts has also further set back progress, including sustainable development.

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