Tuesday, December 24

Organizations, IMF, WTO, G7

Global organizations deserve a category because they matter so much to world politics and economies. Large ones coming from the Bretton Woods system include the International Monetary Fund, the World Bank, and the World Trade Organization.

U.S. Economy ‘Strong,’ Fed Says; Others Warn of ‘Darkening’ Global Economic Outlook
14Jun By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Global Economics, Organizations, IMF, WTO, G7, Types of News: Brief

U.S. Economy ‘Strong,’ Fed Says; Others Warn of ‘Darkening’ Global Economic Outlook

June 14, 2018-The U.S. economy is "rising at a solid rate," the Federal Reserve said yesterday as it raised its short-term interest rate from 1.75 to 2 percent and projected two more increases this year. A strong labor market, household spending, and business investment are strengthening the economy while the inflation rate hovered around 2 percent, the Federal Open Market Committee statement said. Asked about U.S. trade tensions between the United States and its partners, Federal Reserve Chairman Jerome Powell said he hears rising concerns from business leaders who are delaying investment decisions. He added, however, that at this point, it is simply "a risk" rather than a current reality. "Right now, we don't see that in the numbers at all," Powell said. "The economy is very str...
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What’s Ahead for the Global Economic Order After G7 Summit?
11Jun By Patti MohrNo Comments
Global Economics, Global Trade, International Law, Legal Battles, Organizations, IMF, WTO, G7, Types of News: Analysis

What’s Ahead for the Global Economic Order After G7 Summit?

June 11, 2018--Before exiting early from the G7 Summit in Canada and withdrawing his endorsement for the joint communique, U.S. President Donald Trump negotiated an edit that has a major impact on the global economy. Specifically, Trump's team insisted on changing the phrase "the rules-based international order" to "a rules-based international trading system." While the edit may seem small, it may represent one of the most significant geopolitical shifts in 70 years. The change from "the" to "a" indicates that Trump -- and now also the other six signers of the 2018 communique -- no longer support the rules-based international order that the United States and its allies put in place in the post-World War II world. Instead, they now support a theoretical system, however abstract or ...
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G7 Summit Ends in Insults And Injury to Global Trade, Western Alliance
10Jun By Patti MohrNo Comments
Diplomacy, Global Trade, Organizations, IMF, WTO, G7, Types of News: Brief

G7 Summit Ends in Insults And Injury to Global Trade, Western Alliance

June 10, 2018--Just hours after appearing to sign a G7 Joint Communique with the heads of state of six leading Western democracies on Saturday, U.S. President Donald Trump reversed course by posting on Twitter that he would not endorse the statement. It was a significant setback for relations among the Western democracies, which have struggled to find a common voice since President Trump threatened to raise trade tariffs on its top trading partners. The Communiqué The 28-point statement includes language on "free, fair and mutually beneficial trade and investment," "a rules-based international trading system," and opposition to protectionism. It also declares joint opposition to tax evasion and shared support for education and equal opportunity to take part in the global econo...
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Look Beyond GDP, World Economic Forum Says
25Jan By Patti MohrNo Comments
Foreign Aid, International Development, Global Economics, Organizations, IMF, WTO, G7, Types of News: Brief

Look Beyond GDP, World Economic Forum Says

Economic growth as measured by gross domestic product is necessary for a country's well-being, but it is not enough. To ensure adequate or rising living standards for people, you need sustainable and inclusive growth, according to members of the World Economic Forum. "Any growth, for it to be meaningful, has to be inclusive," said Saadia Zahidi, a member of the WEF Executive Committee. "Unsurprisingly, we find that while growth is recovering, there are still major challenges when it comes to equity and inclusion across both rich and poor economies." The World Economic Forum executive committee released a report this week on inclusive growth as world leaders started to gather at its annual conference in Davos, Switzerland. Global Growth Strong The World Bank predicts the world economy wil...
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UN Announces $5.4 Billion Budget for 2018 & 2019
27Dec By Patti MohrNo Comments
Organizations, IMF, WTO, G7, UN Security Council

UN Announces $5.4 Billion Budget for 2018 & 2019

The United Nations General Assembly approved a $5.4 billion budget for the next two years, reducing its operating budget by $286 million, or roughly 5 percent, from its current 2016-2017 period. The budget funds general operations for the U.N., including political affairs, international justice and law, regional cooperation for development, human rights and humanitarian affairs and public information. Most of the budget savings comes from operational expenses such as the use of consultants, travel expenses and information technology. Cut in U.S. Contribution? In announcing the budget cut in a Dec. 24 statement, U.S. Amb. to the UN Nikki Haley said, "We will no longer let the generosity of the American people be taken advantage of or remain unchecked." That spurred speculation b...
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