September 25, 2009 |
Leaders of the world's biggest economies gathering here for the Group of 20 summit have agreed that the organization will replace the Group of Eight as a permanent body for international economic cooperation, the White House announced late Thursday. The change reflects the world's shifting economic powers and a need for the U.S. and the traditional European powers to secure the cooperation of fast-growing economies such as China, India and Brazil to make progress on pressing issues.
September 17, 2009 |
The global recession is expected to push 89 million more people into extreme poverty by the end of 2010, the World Bank said Wednesday as it called on the leaders of the 20 largest economies to engage in "responsible globalization." Although economic data show that the worst recession of the post-World War II era might have ended for the United States and that global trade has begun to pick up again, low-income countries are still reeling from the effects of a financial crisis created by their wealthier counterparts.
July 7, 2009 |
Rwandan President Paul Kagame urged leaders of the Group of 8 to consult poor nations more, saying some in the developing world were skeptical of economic recipes handed down by wealthy countries. He said people in developing nations were "less convinced these days that Western help is motivated by altruism." Mauritius Finance Minister Rama Krishna Sithanen called on the International Monetary Fund and World Bank to show flexibility when dealing with countries in difficulty. "There must be timeliness in intervention, there is a need to introduce some flexible mechanism to support countries going through the painful process of transition," he said, addressing a conference of African government officials and business leaders.
June 17, 2009 |
Brazil, Russia, India and China on Tuesday called for a more diversified international monetary system, but wrapped up their first full-fledged summit by avoiding any explicit criticism of the world's dominant currency, the U.S. dollar. The statement issued by the leaders from the so-called BRIC nations contained no reference to developing new reserve currencies to complement the dollar, which Russia had called for earlier in the day.
March 29, 2009 |
The Obama administration's new strategy for Pakistan includes a pledge to triple the money spent on economic development for the shaky country. But down on street level, some Pakistanis question the effectiveness of pouring more money into a leaky economy without fundamental reform. "Pakistan got a lot of loans from the World Bank and IMF already, but it's all been wasted" by corrupt or inept officials, fabric store owner Akhlaq Abbas said, scratching his grizzled chin.
March 9, 2009 |
The world is falling into the first global recession since World War II as the crisis that started in the U.S. engulfs once-booming developing nations, confronting them with massive financial shortfalls that could turn the clock back on poverty reduction by years, the World Bank warned Sunday. The World Bank also cautioned that the cost of helping poorer nations in crisis would exceed the current financial resources of multilateral lenders.
September 5, 2008 |
Development aid from the United States and other wealthy countries has declined since the middle of this decade, jeopardizing the ambitious U.N. goal they had embraced for reducing poverty by 2015, according to a report issued Thursday. The report card on the Millennium Development Goals, the United Nations' 15-year global anti-poverty plan, cites improvement in easing the debt burdens of the world's neediest countries, but says pledges to help them with stepped-up aid and lower trade barriers were faltering.
June 9, 2008
The United States cannot lead if it is hated. If Americans still aspire to remake the world as a more democratic, more prosperous place with fewer terrorists and nuclear weapons states, if we seek global cooperation on issues ranging from counter-proliferation to climate change, we must set about earning back the goodwill of nations. The tragic global hunger crisis, which has swelled the ranks of the world's most miserable, provides the U.S. with a golden opportunity to do good while rebuilding its shattered global leadership credentials.
January 13, 2008 |
Everyone plays for high stakes in Ilakaka. You can get rich or you can get killed. This city at the heart of Madagascar's sapphire mining industry is estimated to produce 30% of the world's sapphires -- worth at least $30 million a year. And in the Wild West lifestyle of shady casinos and banditry that swaggered into town with the fabulous mining wealth, speculators are being killed at an alarming rate, with as many as 30 homicides a year in a town of 20,000. One of this year's victims was Osama bin Laden's brother-in-law.
January 9, 2008 |
Global economic growth will slow for a second straight year in 2008 as tighter credit conditions and higher oil prices weaken expansions in the U.S., Japan and Europe, the World Bank said in an annual forecast. The world economy will grow 3.3% this year, down from an estimated 3.6% pace in 2007 and 3.9% in 2006, the bank said. The U.S. economy, the world's largest, will expand 1.9%, compared with 2.2% last year, it said. Japan's gross domestic product is forecast to increase 1.