The global economy is set to grow by 4.7% this year, faster than predicted in September (4.3%), thanks in part to a stronger recovery in the United States, where progress in distributing vaccines and a fresh fiscal stimulus of $1.9 trillion are expected to boost consumer spending, says a new UNCTAD report. But this will still […]
The accelerating rollout of COVID-19 vaccines in many advanced economies has set the stage for rapid recovery in the second half of this year and into 2022. Although growth in digital and digitally enabled sectors will level out somewhat, high-employment service industries will ride a wave of pent-up demand. Read Here | Project Syndicate
The world’s three major private credit-rating agencies are using their power to prevent low-income countries from restructuring their debts and stimulating their economies. The case for an independent public ratings agency has never been stronger. Read Here | Project Syndicate
US President Joe Biden will not rescind Donald Trump’s tariffs on imported Chinese goods for China’s benefit. But he has three stronger reasons to do so: The measures have hurt American workers and firms, failed to reduce the overall US trade deficit, and arguably further weakened respect for global economic rules. Read Here | Project […]
Inflation in most rich countries has been low since the 1990s, not least because of central banks’ success in lowering long-term inflation expectations. But today’s policymakers must weigh how far they can go in trying to engineer a post-pandemic recovery without unanchoring these firmly entrenched beliefs. Read Here | Project Syndicate
As in the 1970s, a severe economic shock has forced governments to pursue massive fiscal and monetary expansion, thereby sowing fears of future inflation. But not all shocks are the same, and the key question now is whether we can be confident that the current state of exception will end. Read Here | Project Syndicate
Rather than judge China’s WTO entry in the categorical terms of success or failure, a more productive way forward would be to understand the ways in which WTO membership did lead to positive change within China—and when and why that positive change started to slow and then reverse. Joining the WTO had a stronger liberalizing […]
As the trade war between the world’s two largest economies nears the end of its first week, its most unsettling fact may be this: No one seems to foresee any clear path to peace. The United States insists that China abandon the brass-knuckles tactics it’s used to try to supplant America’s technological dominance. Yet Beijing […]
Chinese Foreign Minister Wang Yi urged the United States to scrap tariffs on Chinese imports and remove restrictions on the tech sector, laying out conditions for restoring damaged China-US relations. Wang told a forum in Beijing that relations were at a critical point and the US must review its policy if ties were to be repaired after the damage of […]
There are many reasons to worry about the U.S. dollar’s underlying economic fundamentals. However, before despairing that America is well on the way to a dollar crisis a person might want to ask two questions. First, does the dollar have any serious rival to displace it as the world’s international reserve currency? Second, would the […]
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