Widespread adverse reactions to the UK government’s recent ‘mini-budget’ forced new Prime Minister Liz Truss to resign. The episode highlighted problems of macroeconomic policy coordination and the interests involved.
Fourteen-year-old Priti Pyne was returning from school in Basra village in South 24 Parganas, West Bengal, when she and a friend came across a cold-drink seller selling an attractive-looking drink. The moment the girls sipped it, however, they felt dizzy. When they woke up, it was on a Delhi-bound train at Sealdah station in Kolkata. With the help of other passengers, the girls managed to get off the train.
Preoccupied with enhancing their own ‘credibility’ and reputations, central banks (CBs) are again driving the world economy into recession, financial turmoil and debt crises.
Ten years ago, the Asia-Pacific region came together and designed the world’s first set of disability-specific development goals: the Incheon Strategy to “Make the Right Real” for Persons with Disabilities. This week, we meet again to assess how the governments have delivered on their commitments, to secure those gains and develop the innovative solutions needed to achieve fully inclusive societies.
Lourdes Barreto, 47, says that as an agroecological small farmer she has improved her life and that of Mother Earth. "I love myself as I love Mother Earth and I have learned to value both of us," she says in her field outside the village of Huasao, in the highlands of the southern Peruvian department of Cuzco.
Governments and international financial institutions must adopt new ways of providing post-pandemic support, say campaigners after a report found that in many poorer countries, big business benefitted most from Covid-19 recovery funds. At the same time, vulnerable communities have been “left behind.”
The dogmatic obsession with and focus on fighting inflation in rich countries are pushing the world economy into recession
, with many dire consequences, especially for poorer countries. This phobia is due to myths shared by most central bankers.
Central banks (CBs) around the world – led by the US Fed, European Central Bank and Bank of England – are raising interest rates, ostensibly to check inflation. The ensuing race to the bottom is hastening world economic recession.
Inflation phobia among central banks (CBs) is dragging economies into recession and debt crises. Their dogmatic beliefs prevent them from doing right. Instead, they take their cues from Washington: the US Fed, Treasury and Bretton Woods institutions (BWIs).
After general elections on the 12th September, Sweden is on the threshold of a new era. The Sweden Democrats
(SD) won almost 21 percent of the votes and thus became the largest in a bloc of right-wing parties that now have a collective majority in the parliament. A nation that for a long time prided itself of being a beacon of tolerance and openness will now experience a historical transformation. The Sweden Democrats
was once founded by Nazi sympathisers and for decades shunned by mainstream politicians. However, SD has now tipped the political scale in a country previously known for its stable and predictable politics, and some of the party’s former foes are now willing to co-rule with them.
Policymakers have become obsessed with achieving low inflation. Many central banks adopt inflation targeting (IT) monetary policy (MP) frameworks in various ways. Some have mandates to keep inflation at 2% over the medium term. Many believe this ensures sustained long-term prosperity.
International Equal Pay Day, observed officially by the United Nations on 16 September, aims to draw attention to the gender pay gap – the difference between what a woman earns compared to a man for work of equal value – and the systemic inequalities it is rooted in.
As our planet continues to heat up, extreme weather has affected many of us. From the west coast of North America across Europe, the Middle East and Asia to Pakistan and New Zealand, wildfires and flash floods have destroyed homes and property and disrupted the daily lives of millions.
In Chitungwiza, right next to the highway, 36-year-old Nesbit Gavanga and his five colleagues use shovels as they load trucks with sand.
The six apparently are in the business of sand-poaching and openly explain that every other day they engage in running battles with environmental officials who seek to curtail land degradation here. The group’s informal sand quarry lies 25 kilometers southeast of the Zimbabwean capital Harare.
The UK’s new Prime Minister (and former Foreign Secretary), Liz Truss, enters Downing Street with a full and urgent in-tray, dominated by the highest inflation rate for 40 years and concerns across the country about the cost-of-living crisis.
Most of the 2.1 billion strong workforce in Asia and the Pacific are denied access to decent jobs, health care and social protection but there is an array polices and tools that governments can use to remedy these deficiencies and ensure that the rights and aspirations of these workers and their families are upheld and that they remain the engine of economic growth for the region.
The long and distant epoch of pre-history, dated to the time before the start of the Common Era, is conventionally divided into three periods: the Stone Age, the Bronze Age, and the Iron Age. Subsequently, in the era of written history, we generally have not relied upon specific metals or minerals to define our periods. Too many metals and minerals, harnessed by new production techniques and new labour patterns, have contributed to our immense capacity to generate large surpluses. There is the Age of Industry but not, for instance, the Age of Steel, the core metal of our period.
When COVID-19 prompted economic shutdowns across the globe, many analysts predicted that youth would be especially at risk. This is because young people tend to have fewer economic assets and limited experience in the labor market.
African leaders are increasingly aspiring to “modernise”
their cities. That is to make them “globally competitive” and “smart”. The hope is to strategically position cities in Africa to drive the continent’s much-needed socio-economic transformation.
Half a century after the 1970s’ stagflation, economies are slowing, even contracting, as prices rise again. Thus, the World Bank warns
, “Surging energy and food prices heighten the risk of a prolonged period of global stagflation reminiscent of the 1970s.”
In March, Reuters reported
, “With surging oil prices, concerns about the hawkishness of the Federal Reserve and fears of Russian aggression in Eastern Europe, the mood on Wall Street feels like a return to the 1970s”.
The world economy is on the brink of outright recession, according to the International Monetary Fund
(IMF). The Ukraine war and sanctions have scuttled recovery from the COVID-19 pandemic.