On a per capita basis, the nation has all the ingredients to be one of the world's most prosperous nations
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Thursday 02 April 2009
What was an arcane area left to officials to prepare before a G8 summit has suddenly got heads of government's attention. If you think of most of the summits in the past, they showed up a little embarrassedly, almost because they didn't necessarily want to explain to constituencies back home why they were going off on these trips which were often subject to criticism for high living or whatever was supposedly being associated with them. But now suddenly in the run-up to this summit you see a group of world leaders acting as sherpas and using the political platform as they would on a domestic political issue to try and take a position.
Sunday 15 March 2009
City bankers fear that regulatory reforms to be revealed by the Financial Services Authority this week could force banks to quit London unless other countries agree to adopt the new standards too.
Saturday 14 March 2009
Saturday 14 March 2009
Friday 13 March 2009
Wednesday 11 March 2009
A "Great Recession" was predicted yesterday by the director-general of the IMF, Dominique Strauss-Kahn. The IMF chief explained that the economic data has worsened since January, when the IMF forecast global growth of 0.5 per cent this year, kept positive by relatively bullish performances from emerging nations such as China and India – the advanced economies are already predicted to decline.
Monday 09 March 2009
Global recession could blow a $700bn hole in developing countries’ abilities to pay for imports and meet debt obligations, the World Bank is warning. With economic activity set to contract worldwide for the first time since World War II, trade forecast for fall at its fastest rate for 80 years, and industrial production set to decline by 15 per cent, emerging economies face major difficulties.
Saturday 28 February 2009
Friday 27 February 2009
When the World Bank was established, those countries borrowing substantially from it – the countries of post-war Europe – had a major say in the running of the organisation. Today, in areas ranging from strategy, policy and budget to the detail of operational issues, the voice of the poorest must again be heard. So we look to the London summit in April to recognise the need and agree principles for reform at the World Bank. And alongside the articulation of principles, we need a clear process for putting them into practice.
Tuesday 24 February 2009
The United States’ stewardship of the World Bank should be ended and the institution given a major overhaul, Douglas Alexander, the International Development Secretary, will say today.
Wednesday 14 January 2009
Outlook Recent events have dealt the Indian IT services sector, the subcontinent's biggest industrial success story of recent years, a triple whammy. First there was the meltdown in global financial services, the outsourcing sector's biggest single customer group. Then came the terrorist atrocities in Mumbai. Outsourcing relies heavily on regular, face-to-face contact between contractors. The deliberate targeting of foreigners by terrorists has made some US and European companies wary about the necessary travel to India. Even a year ago, it was virtually impossible to find a room for the night in Bangalore. Today, the hotels are virtually empty.
Professor Sir Alan Walters: Economist and adviser to Margaret Thatcher whose monetarist ideas defined her reign as Prime Minister
Tuesday 06 January 2009
Alan Walters' career exemplifies what Hegel called "the cunning of history": accidental and incidental factors interact with "necessity" in unexpected ways to create new, hard realities. Greatness was thrust upon him when Margaret Thatcher, then wrestling with her tangled inheritance of economic chaos as Prime Minister of a government which was not of her mind, decided she needed her own personal economic adviser. She appointed Alan Walters, whom she had met and learned to appreciate some years previously. Walters lived up to the challenge to an extent that few would have predicted. His two-year stint at No 10 added a dimension of economic doctrine, logic and consistency to the largely instinctual Thatcherite canon.
Thursday 27 November 2008
The Chinese government made its biggest interest rate cut for more than 10 years yesterday in an attempt to weather the global economic storm eroding demand for the country's exports.
Sunday 23 November 2008
According to Paul Collier, a former director of development research at the World Bank, the world's poorest people – the bottom billion – are trapped. While most countries appear to be rising out of poverty there remains a group of nations for which change seems impossible. Concentrated in Africa and Central Asia, these nations have seen a decrease in living standards in recent years. The average life expectancy of those living in them is 50 years, rather than 67 as it is in other countries; 14 per cent of children die before their first birthday, as opposed to four per cent elsewhere.
Sunday 16 November 2008
1. We, the Leaders of the Group of Twenty, held an initial meeting in Washington on November 15, 2008, amid serious challenges to the world economy and financial markets. We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems.
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Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
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