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The World Bank and IMF held their annual meeting in Washington last week. Jennifer Blake explains why global finance chiefs fear economic recovery is on a knife’s edge in the face of rising food prices, turmoil in the Middle East and big deficits in developed countries.
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Economists that have long criticised China’s fixed currency for offering the export-oriented economy an unfair trade advantage are now saying a floating Chinese currency could hurt the US economy. Justin Yifu Lin, Chinese national and chief economist at the World Bank, has told students that if China were to revalue its currency at its true [...]
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Developed nations must consider emerging economies at the United Nations Climate Change Conference in Copenhagen this week, World Bank President Robert Zoellick has urged. “My primary message is that one will not be able to address the problem of climate change unless the solution draws on the capabilities and needs of both developed and developing [...]
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Managing director and CEO of government credit agency, the Export Finance and Insurance Corporation (EFIC), Angus Armour has been appointed as president of the Berne Union, the peak global organisation for export credit. It is the first time an Australian has held the position since 1975, when another EFIC director held the post. “This decision [...]
...read moreAustralia should be held as a model for developing countries struggling to recover from the global economic downturn, according to World Bank managing director Juan Jose Daboub. In two decades, Australia has undergone economic reform – macroeconomic stability, flexible labour markets and fostering an open economy – which has contributed to its success in avoiding [...]
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The International Monetary Fund (IMF) indicated its ambition to take on further responsibility as a global lender after an annual meeting with the World Bank yesterday. The reform would see it become the lender of last resort and an economic supervisor for the G20′s sustainable growth plan. Four key reform areas will be the IMF’s [...]
...read moreThe World Bank is under-resourced and needs more funds to furnish its commitments, according to World Bank president Robert Zoellick, who has appealed for finance. Zoellick said rising demand for aid had seen the bank cut its lending, with the possibility that only the very poorest countries would receive financial assistance. “As we start to [...]
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To millions across the globe, Africa is synonymous with hunger, disease, aids, despots and conflicts. China, India and other Asian countries suffered same stereotyping until few decades ago when they started the current economic transformation through rapid industralisation and international trade. Africa is cautiously on the tails of the Asian Tigers. The continent is quietly [...]
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Global unemployment will continue to grow for another 8-12 months until economic recovery is stable, according to International Monetary Fund (IMF) managing director Dominique Strauss-Kahn. The lag would be particularly problematic for low income countries, he said: “The problem we are going to face in the coming year may be much more important, much more [...]
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Days of the US dollar dominating global currency reserves are numbered, according to World Bank president Robert Zoellick. “The United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency,” said Zoellick. “Looking forward, there will increasingly be other options to the dollar.” He also criticised the world’s [...]
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