The United Nations has downgraded its economic forecast for 2009. The world economy is expected to shrink by 2.6% in 2009 (down from a decline by 0.5% according to the pessimistic scenario of the forecast presented in January). Approaching the end of May 2009, the economic landscape remains very winterly with no visible green shoots to be seen which could signal beginnings of a new spring, according to a UN mid-year report on the world economic situation, summarized by Rainer Falk.
The decline comes after an expansion of the world economy by 2.1% in 2008 and nearly 4% per year during 2004-2007. Developing countries are disproportionately hard hit by the crisis. Should current policy measures take traction, a mild recovery may be expected in 2010, says an update to the World Economic Situation and Prospects 2009 report (WESP) ... ... this article is for subscribers only. For direct log in >>> click here.If you have no subscription >>> pick your option or >>>
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.