Financial Crisis

Zimbabwe Unsafe Roads Could Drive the Economy Around the Bend

When driving at night in Zimbabwe, watch out for a pair of eyes on the road and slow down. You may hit a giraffe inside a pothole. So goes an often-told joke.

Deepening Stagflation: Out of the Frying Pan into the Fire

The world is sailing into a perfect storm as key leaders seem intent on threatening more war, albeit while proclaiming the noblest of intentions. By doing so, they block international cooperation to create conditions for sustainable peace and shared prosperity for all.

War or Peace, Barbarism or Hope

The spectre of ‘stagflation’ threatens the world once again. This time, the risk is the direct consequence of political provocations and war, and not simply due to inexorable economic forces. Stagflation? Stagflation is a composite word implying inflation with stagnation. Stagnation refers to weak, ‘near zero’ growth, inevitably worsening unemployment. Inflation refers to price increases – not high prices, as often implied.

NGOs Seeking a Monterrey+20 Summit on Financing for Development

This week, exactly 20 years ago, world leaders adopted the United Nation’s Monterrey Consensus. They committed to “Confronting the challenges of financing for development” with a global response and to creating a fully inclusive and equitable global economic system.

Stagflation Threat: Be Pragmatic, Not Dogmatic

“If your only tool is a hammer, every problem looks like a nail”. Still haunted by the clever preaching of monetarist guru Milton Friedman’s ghost, all too many monetary authorities address every inflationary threat or sign they see by raising interest rates.

Inflation Targeting Constrains Development

All too many developing countries have been persuaded or required to prioritize inflation targeting (IT) in their monetary policy. By doing so, they have tied their own hands instead of adopting bolder economic policies for growth, jobs and sustainable development.

Young Argentine Women Forge a Future in Cooperative Factory

"We started making shampoos and soaps in the kitchen of a friend’s house in 2017. We were five or six girls without jobs, looking for a collective solution, and today we are here," says Letsy Villca, standing between the white walls of the spacious laboratory of Maleza Cosmética Natural, a cooperative that brings together 44 women in their early twenties in the Argentine capital.

Inflation Targeting Voodoo

All over the world, people expect policies by central bankers trained in economics to have a sound scientific base. But in fact, inflation targeting is an article of faith with neither theoretical nor empirical basis.

Resist Inflation Phobia Coup

Calls, even screams, to fight inflation above all else are getting shriller. Thankfully, even The Economist (5 Feb. 2022) reminds all, Fighting inflation could put the world in a slump. No inflation consensus International Monetary Fund (IMF) Managing Director Kristalina Georgieva doubts the world faces a runaway inflation threat. She urges policymakers to carefully calibrate fiscal and monetary policies, with more “specificity”, as not ‘one size fits all’.

Argentina Seeks a Way Out (Again) of its Economic and Social Labyrinth

Accustomed for decades to recurring economic crises, and hit hard in recent years by a steady loss of purchasing power, Argentines were informed on Friday Jan. 28 of a last-minute agreement with the IMF which, in the words of center-left President Alberto Fernández, takes "the noose off their necks".

Inflation Paranoia Threatens Recovery

Inflation hawks are winning the day. The latest ‘beggar thyself’ race to raise interest rates has begun. This ostensibly responds to the spectre of runaway inflation, supposedly retarding economic growth and progress, and thus threatening central bank ‘credibility’.

Africa Should Bargain Hard for COVID Vaccine Equity: Lessons from Indonesia during Avian Flu

Many countries around the world have punished most of the African continent for the scientific discovery of the Omicron variant through the imposition of travel bans.

Corporate Fear Drives Caribbean Vaccine COVID-19 Mandates

When face-to-face Cabinet meetings resumed in Jamaica following more than a year of virtual meetings due to COVID-19, Ministers lined up to have their immunisation cards inspected.

Hunger, Desperation in Lebanon as Food Prices Rocket

On the streets of Beirut, Hadi Hassoun begs for a few pounds to feed his five children. He has little hope of a job, especially now that the economic crisis in Lebanon has destroyed wealth.

The Squid Game: The Story about Losers in the Shadow of Glory

Immediately after its release, the Squid Game went viral, grabbing the attention of the world's entertainment stage. The grotesque and hyper-violent thriller has reportedly become Netflix's biggest show, the world's most-watched and the most-talked-about streaming entertainment. Is it a case of art imitating life?

Bleak Prospects for Least Developed Countries

“The outlook for LDCs is grim”. The latest United Nations (UN) assessment of prospects for the least developed countries (LDCs) notes recent setbacks without finding any silver lining on the horizon. Promises unkept Half a century ago, LDCs were first officially recognised by a UN General Assembly resolution. It built on research, analysis and advocacy by the UN Conference on Trade and Development (UNCTAD).

For the South, all Roads in Global Economic Governance Lead to Inequality & Vulnerability

Last week’s annual meetings of the International Monetary Fund (IMF), World Bank and G20 finance ministers illustrated that despite a historic debt crisis sweeping across developing countries and their urgent need for external financing for health and economic recovery, global economic institutions governed by rich countries do not possess the political will to deliver meaningful solutions. The inadequacy of the G20’s debt relief framework, which has failed to restructure sovereign debt since its inception, stands without change or any fresh effort to mobilize private sector participation in debt relief.

Inflation Bogey Blocking Recovery

The bogey of inflation has been revived. Dubious pre-pandemic economic progress, fiscal constraints and vaccine apartheid were bad enough. Now, ostensibly anti-inflationary measures also threaten recovery and sustainable development.

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.

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