In April 2006, the IMF issued an overall extremely positive appraisal of the world economic development for the third consecutive year in this decade. The impression created is that the turbulent times of the second half of the 90s and the crises of the beginning of this decade have been overcome, the lessons of failed economic policy have been learned and the course has been set for uninterrupted positive development in the coming years. However, this impression is deceptive, writes Jörg Huffschmid.
On the one hand there are risks, already mentioned by the IMF in previous reports, that continue or have even become more severe: high oil prices, unstable financial markets, global imbalances. On the other hand, the central problem of distribution remains occluded... ... this article is reserved for subscribers. It was published in Issue 2/Jun-Jul 2006. Please log in >>> here.
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.