We are a proud and hard-working people who saw our lives change abruptly, with the introduction of strict austerity measures. The new Prime Minister is promising to change all that.
Many are voicing surprise at the comments of IMF head Christine Lagarde following the death of the Saudi monarch. We see here the emptiness of a shallow diversity that seeks to put a woman in a prominent position while maintaining incredibly oppressive power dynamics.
The adoption of the IMF reforms by the United States Congress would send a long overdue signal to rapidly growing emerging economies that the world counts on their voices, and their resources, to find global solutions to global problems.
On the one hand, major economies are benefiting from the decline in the price of oil. On the other, in many parts of the world, lower long-run prospects adversely affect demand, resulting in a strong undertow.
As with the United States, the massive size of the Chinese economy means that lower GDP growth rates create a headwind for the global economy as a whole. It is therefore no surprise that the International Monetary Fund has just revised its forecast of global economic growth downward by the most substantial margin in three years.
In essence, the reforms have been crafted to democratize the IMF governance. Now, those sitting at the head of the IMF's table are either American allies, or its Western partners, whereas the developing countries are underrepresented as a whole. They do not have a say in the IMF decision-making process, or in protection of their fundamental interests.
A nasty strain of austerity capitalism has taken over Europe, leaving broken lives in its wake. Researchers Servaas Storm and C.W.M. Naastepad consider how things got so bad, what role economists and misguided policy-makers have played, and how to change course.
By all rights, given its size, location, and natural resource base, Brazil should be an economic juggernaut. But the truth is that Brazil should never have been designated a BRIC because it is a poorly managed economy that has rarely lived up to its potential.
Oil prices have plunged recently, affecting everyone: producers, exporters, governments, and consumers. Overall, we see this as a shot in the arm for the global economy. There is, however, much more to this complex and evolving story.
Latin America is proof that the global trend of rising economic inequality can be reversed, if the political will exists. Despite historically being the most unequal region in the world, it is the only region that has managed to reduce inequality during the past decade.
We want to build a global conversation around ending extreme inequality, and folks are already engaging. Here are some good questions I've heard since our launch, and my take.
Tremendous efforts are under way to upgrade sub-Saharan Africa's infrastructure. But the needs on the ground are still immense as evidenced by the frequent electricity blackouts, poor roads, and insufficient access to clean water in many countries.
Raising the minimum wage is a polarizing issue. One side worries that raising it will lower employment. The other side downplays the impact on employment and plays up the positive impact on the living standards of the poor.
As the World Bank Group (and the IMF) shareholders convened the other week in Washington, DC for their annual meetings, one lesser-known issue grabbed the spotlight -- the new environmental and social policies.
China may join in discussions about hotspot issues with the aim of seeking a peaceful solution, but it will not turn into a party involved in the conflict or take steps that make the problem worse.
It is true that the rate of economic growth has quickened, but that rate is still low by pre-recession standards. In July the IMF actually cut the U.S. growth forecast for 2014 to just 1.7 percent, the CBO's in August was just 1.5 percent. These are not stellar growth numbers.