Slowdown in the US, but robust growth in the South
The world economy is expected to moderate in 2007 after three years of historically high growth according to a new UN report, titled “World Economic Situation and Prospects 2007”. Stepping back from the all-time high growth in world gross product (WGP) of 4.0 per cent reached in 2005 and the estimated 3.8 per cent growth for 2006, global growth is expected to slacken at a pace of 3.2 per cent in 2007. WDEV summarises the report.
A weakening housing market in the United States is a major factor in the global slowdown, according to the UN annual forecast (see reference). The cooling of the housing boom is expected to depress consumer demand and slow the growth of the US economy to a rate of 2.2 per cent in 2007 ... ... this article is for subscribers only. For direct log in click >>> here.If you have no subscription >>> pick an option or >>> buy the article.
At first glance, everyday life seems not to have changed in Istanbul. The streets are congested; people hurry to the ferry or the bus. For weeks, there has been no terror attack. Nevertheless, there are some visible changes. There are much more policemen in the streets. In some days, the Istiklal Caddesi, the main shopping street on the European side, seems to be under a state of siege. At every street corner, there is police van with the blue light switched on.
Recent disturbing trends in international finance have particularly problematic implications, especially for developing countries. The new United Nations report, World Economic Situation and Prospects 2017 (WESP 2017), is the only recent report of a multilateral inter-governmental organization to recognize these problems, especially as they are relevant to the financing requirements for achieving the Sustainable Development Goals (SDGs).
The Trump government signals unequivocally the end of international US hegemony. An international hegemon is able to define rules that find relatively broad acceptance internationally and plays a role in safeguarding international economic stability. The Trump government announced measures that go against the present economic rules while not proposing new ones.
The global deficit in quality jobs and deteriorating economic conditions in a number of regions threatens to undo decades of progress in poverty reduction, warns a new report by the International Labour Organization (ILO), the World Employment and Social Outlook (WESO) 2016.
Weakening of workers' rights in most regions is being aggravated by severe crackdowns on freedom of speech and assembly, according to the 2016 Global Rights Index. Restrictions on freedom of speech and assembly, including severe crackdowns in some countries, increased by 22%, with 50 out of 141 countries surveyed recording restrictions.