The Great Debate UK
The economic worst is past. But there are many issues left to worry about.
Start with the good news. GDP is now growing almost everywhere, while the unemployment rate is hardly rising anywhere. Businesses and consumers are less fearful. As much as half of the 20 percent decline in international trade has been erased.
Perhaps the best news is what has not happened. There have been no national defaults, countries dragged into political chaos, bitter divisions among the great powers or, with a few tiny exceptions, massive declines in consumption. The global political-economic-financial system is still in business.
Still, little has been done to address the three underlying and interlocked issues that tripped the world into financial crisis and recession. Their persistence helps explain why the recovery has been frustratingly slow up to now. If anything, they are all looking more intractable than ever. Meanwhile an old problem, unemployment, is rearing its head.
Start with financial dysfunction. At the micro level, there has been some progress. Regulators are becoming more active and banks are building up capital cushions. Risk models are being reconsidered. But viewed globally, the dysfunction has merely changed shape, becoming more threatening in the process.
– Ian Wheeler is vice president of marketing and distribution at Amadeus. The opinions expressed are his own.-
In the last year, 45 million tourists (near to the population of Spain) travelled from China to the West. In fact, tourism from China grew by an average of 27 percent a year between 2002 and 2008.
The Pew Forum on Religion & Public Life has come out with a new report that tries to measure, country by country on a global level, government and social restrictions on religion. You can see our coverage of the report here and here and can download the whole report here.
The report, which Pew says is the first major quantitative study of the subject on a global level, ranks countries under two indices -- one measures government restrictions on religion, the other social hostilities or curbs on religion that stem from violence or intimidation by private individuals or groups.
from Pakistan: Now or Never?:
When President Barack Obama suggested in Beijing last month that China and the United States could cooperate on bringing stability to Afghanistan and Pakistan, and indeed to "all of South Asia", much of the attention was diverted to India, where the media saw it as inviting unwarranted Chinese interference in the region.
But what about asking a different question? Can China help stabilise the region?
from Environment Forum:
At a major global climate summit in Copenhagen this week, China slammed rich nations for having weak and unambitious goals to cut carbon emissions.
Meanwhile, back at home, China's main government group charged with monitoring greenhouse gases struck a new contract with Picarro, a California-based company that makes gas analyzers. The deal will double the number of Picarro analyzers that the Chinese Meteorological Administration uses.
from Global Investing:
Some fascinating data about the growing power of emerging markets, particularly the BRICs, was on display at the OECD's annual investment conference in Paris this week. Not the least of it came from MIGA, the World Bank's Multilateral Investment Guarantee Agency, which tries to help protect foreign direct investors from various forms of political risk.
MIGA has mainly focused on encouraging investment into developing countries, but a lot of its latest work is about investment from emerging economies.
from Global Investing:
It may end up sounding like a famous ball-point pen maker, but an argument is being made that Goldman Sach's famous marketing device, the BRICs, should really be the BICs. Does Russia really deserve to be a BRIC, asks Anders Åslund, senior fellow at the Peterson Institute for International Economics, in an article for Foreign Policy.
Åslund, who is also co-author with Andrew Kuchins of "The Russian Balance Sheet", reckons the Russia of Putin and Medvedev is just not worthy of inclusion alongside Brazil, India and China in the list of blue-chip economic powerhouses. He writes:
from The Great Debate:
China watchers are worried that excessive lending leads to massive overcapacity. However, the risk of Beijing pressing too hard on the brake is even greater. At least for now, China should be able to growing its way out of its bad debt problems.
Banking regulator Liu Mingkang recently told a conference that China's banks should lend out 6-7 trillion yuan next year, equivalent to about one fifth of China's annual output. Some think that is too much. However, these fears are overdone. Indeed, if new lending falls below 10 trillion yuan, bad debts will soar, private investment will be crowded out and the economic recovery may be derailed.
from The Great Debate:
-- Peter Morici is a Professor at the Smith School of Business, University of Maryland, and former chief economist at the United States International Trade Commission. The views expressed are his own. --
From Berlin to Bangkok, governments are screaming about the falling dollar, because they can no longer rely on reckless American consumers to power their economies.
- Phelim Kine is an Asia researcher for Human Rights Watch. The opinions expressed are her own. -
When 15-year-old Wang Xiaomei made the long trip from Gansu province to Beijing last year, she hoped to find justice for her family. Instead, she met with abuse.