Authors: Berjis Kamal Abbasi and Sara Batool
The post-war liberal international economic order has established by the United States with the spirit to promote capitalism, market economy and democracy. The capitalist system and market economy is organized by the multilateral institutions i.e. the World Bank and International Monetary Fund. Both the international financial institutions are designed to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the globe. Since its inception, the international lender is playing the significant role in the management of balance of payments difficulties of its member countries. The IMF provides economic assistance, loans and policy guide lines to develop and developing countries to deal with their financial policies and to stabilize the international monetary system. Pakistan is also a part of liberal international system and heavily dependent on IMF and the World Bank to balance the imbalance of payments.
The International Monetary Fund was conceived in July 1944 and came into existence in December 1945. It has 189 members and they contribute to a pool through a quota system. Countries suffering from a BoP crisis can draw from it, which is usually known as a bailout. The IMF mostly extend its helping hand to member countries in a case of BoP crisis. A country’s balance of payments tells you whether it save enough to pay for its imports, or whether the country produces enough economic output to pay for its growth. The BoP also means that the country is importing more than its exports and heavily relies on foreign direct investment or borrows money to make up the difference. It is widely acknowledge that a BoP crisis occurs when a country is unable to pay for imports or repay its external debt. Generally BoP crisis negatively impacts on local currency through declining steeply in value, which consequently began to add the value of external payments. The case of Pakistan is very interesting as the country has gone to IMF 21 times since its birth in August 1947. On December 8, 1958 the then military regime signed a one-year Standby Arrangement (SBA) but terminated it prematurely after nine months. Since then, Pakistan has availed 16 programs of IMF, yet the relationship has been far from smooth.
Pakistan has earned the reputation of a one-tranche nation – a veiled reference to the country’s track record of taking loans at critical times and then abandoning them prematurely, either because of a crisis of balance of payments or because further disbursements required tough policy actions. At present, Pakistani authorities and the IMF team have reached a staff-level agreement on economic policies that could be supported by a 39-month Extended Fund Arrangement (EFF) for about US$6 billion. This agreement is subject to the IMF management approval and approval by the Executive Board, subject to the timely implementation of prior actions and confirmation of international partners’ financial commitments. Before, discussing the deal, it is necessary to probe that Would Pakistan be able to implement the structural reforms proposed by the IMF and would it be last bailout package for Pakistan from IMF?
The economy of the majority-Muslim nation with a population of over 200 million has slid deeper into crisis since Imran Khan took over as Prime Minister last year. Burgeoning fiscal and current account deficits and a dip in revenues from tax collection are at the heart of the crisis. The authorities recognizes the need to address these challenges, as well as to tackle the large informality in the economy, the low spending in human capital, and poverty.PM Imran Khan initially appeared reluctant to approach the IMF for aid, fearing that it would impose stringent conditions on government policy. Instead, Kahn approached friendly nations to help Pakistan and secured billions of dollars from Saudi Arabia, UAE and China. But with inflation climbing to over 8%, the rupee was losing a third of its value over the past year, and foreign exchange reserves barely enough to cover two months of imports, which forced to turn to the IMF.
The IMF deal, with the austerity measures it will entail, will be a political blow to a Pakistani government that had promised to build out a new welfare state, The bailout announcement comes as discontent is already growing over measures Khan’s government has taken to fend off the crisis, including devaluing the rupee by some 30% since January 2018, sending inflation to five-years high. Khan came to power after winning a simple majority in last year’s parliamentary elections on promises to improve the country’s economy and provide jobs to people. But his critics say his government has so far not been able to honor his commitment to the masses. A government report published on Friday also noted that Pakistan’s growth rate is set to hit an eight-year low, with the country’s GDP rate likely to sink to 3.3% against a projected target of 6.2%. But some observers claim the IMF package will be beneficial to end the growing uncertainty and build investors’ confidence.
Pakistan is facing a challenging economic environment, with lackluster growth, elevated inflation, high indebtedness, and a weak external position. This reflects the legacy of uneven and pro-cyclical economic policies in recent years aiming to boost growth, but at the expense of rising vulnerabilities and lingering structural and institutional weaknesses. The State Bank of Pakistan will focus on reducing inflation, which disproportionately affects the poor, and safeguarding the financial stability. A market-determine exchange rate will help the functioning of the financial sector and contribute to a better resource allocation in the economy. The authorities are committed to strengthen the State Bank of Pakistan’s operational independence and mandate. The IMF sets tough conditions for bailout package for Pakistan. The IMF on Friday demanded the government to give State Bank authority to decide dollar rate and make National Electric Power Regulatory Authority (NEPRA), Oil and Gas Regulatory Authority (OGRA) independent. After months of difficult negotiations, under the deal, Pakistan would give up the central bank control of the currency to adopt a market-based exchange rate and take measures to improve the functioning of loss-making state-owned firms as well as curtail subsidies, among other things.
The deal will put an end to uncertainty and improve Pakistan’s financial situation. Even though it might have some negative impacts in the form of a rise in inflation, it will produce positive results in the long run. Since the past couple of years, the economy of Pakistan is passing through critical phase. Previous governments of President Asif Zardari and PM Nawaz Sharif took ad hoc decisions to boost the economic growth through borrowing from internal and external lenders. However, they put huge burden on already collapsing economy through offering subsidy to various state owned enterprises and increased public spending. The Pakistan International Airlines, Steel Mills, Railway and WAPDA are burdening national economy. Pakistan’s inability to collect taxes from huge financial magnets and deep rooted indirect financial market is another cause of economic crisis.
The present government is on fire due to economic crisis and high inflation. But it needs to take concrete steps for structural reforms. First and foremost is to end the subsidy and increase the tax collection through widening the tax net. The tax collection and subsidy termination will add generous figures into national exchequer. The government also needs to privatize the dead horses of Pakistan; i.e. Pakistan Railway, PIA, Steel Mills, WAPDA and many others. In the meantime, the government should start a comprehensive anti-corruption campaign and recover looted money, which can ease the economic problem. The government also can enlarge its revenue through inviting local and foreign investors in the Naya Pakistan Scheme. The minimum political influence and crackdown on black money mafia and Hawalla Hundi have potential to add billions of dollars in Pakistani economy. Last but not least, Pakistan require a brave and committed leadership to overcome its crumbling crisis. The successful implementation of structural reforms can turn present bailout package into lost, otherwise there will be many more to come.
Authors are Graduate Students of International Relations, at Women University of Azad Jammu & Kashmir, Bagh Pakistan
Foreign direct investment is not coming to Indonesia. Really?
The economic topic receiving most attention in the last few days is certainly that of foreign direct investment, or FDI, thanks to the World Bank, which brought this issue to Indonesia’s President Joko Widodo’s attention. One of the key messages was that, FDI is simply not coming to Indonesia. The evidence cited was that 33 investors have exited People’s Republic of China (PRC) since June due to the escalating trade war. Most shifted their investment to Viet Nam and, crucially, none came to Indonesia. Since attracting FDI is one of President Jokowi’s priorities, his reaction to this was swift. All ministries involved in facilitating FDI had to address the problem fast. Intrigued by the news coverage, I did some online research on the issue. To my surprise, it barely hit the headlines in PRC and Viet Nam but there was a huge amount of coverage on President Jokowi’s reaction. This prompted me to dig deeper to get to the heart of the matter.
Total FDI to Indonesia is still rising
Firstly, this is a key fact: total FDI in Indonesia is still rising. After an absence from the FDI destination list for a few years after the 1997–1998 Asian Financial Crisis, Indonesia was back in the top 10 destinations following the 2007–2008 Global Financial Crisis (Table 1), thanks to reforms during the government of former President Yudhoyono as well as improved domestic economic growth prospects.
Table 1: Top Recipients of FDI in Asia (US$ million)
|2003-2007 Annual Average||2008-2016 Annual Average|
|Hong Kong, China||36,251||Hong Kong, China||92,247|
|Republic of Korea||10,387||Indonesia||14,171|
|Japan||6,592||Republic of Korea||9,692|
|Hong Kong, China||110,685||Hong Kong, China||115,662|
|Republic of Korea||17,913||Viet Nam||15,500|
|Viet Nam||14,100||Republic of Korea||14,479|
Source: United Nations Conference on Trade and Development. World Investment Report 2019 Statistical Annex Tables. Accessed September 2019.
President Jokowi continued the FDI-friendly policy when he took office in 2014 and FDI flows to Indonesia continued to increase. In nominal terms, FDI flows to Indonesia in 2018 increased by $7.8 billion compared to the annual average flows in 2008–2016, higher than the increase in India and Viet Nam over the same period at $6.5 billion and $6.2 billion, respectively. So why the perception that FDI is not coming to Indonesia?
FDI to manufacturing is declining
Most FDIs to Indonesia in the last few years have been channeled to non-manufacturing sectors. The top five destination of FDIs in Indonesia have been renewable energy, mining, chemical, real estate, and metals. After that, sectors of choice were services such as hotels, information technology, and finance. Only at number 10 does a manufacturing sector—the automotive industry—figure. Broadly speaking, FDI to manufacturing in Indonesia has been shrinking in the last few years, whereas foreign investment in Viet Nam’s manufacturing sector has been surging. Somehow, foreign investors see Indonesia’s strength lying outside manufacturing. When they come here, they gravitate to natural resources, tourism, and other booming service sectors. And those investors who do look at manufacturing, such as automotives, do so to tap the domestic market.
It is these key facts that underlie the reasons why those 33 investors opted to overlook Indonesia. Trade tensions, by their very nature, affect export-oriented manufacturing sectors the most. So, when investors need to find a new home, naturally they go to places that are also export-oriented. Viet Nam is ahead of most other Asian countries in this respect since it has always espoused an export-oriented growth strategy. A progressive FDI policy supports that. The country also has a good education system considering its level of development capable of producing an ample quantity of skilled labor that can participate in a wide range of manufacturing. Geography helps too. Viet Nam exports more to PRC than any of its competitors in part because it is located right next door.
The World Bank advised the Indonesian government to address FDI policy credibility, certainty, and compliance with President Jokowi’s policy. This is something the government has been working on, which is why FDI has been increasing in the past few years. But to match Viet Nam in attracting FDI to manufacturing, the government will need much more than that. The long-term challenges in the inflexible labor market needs to be addressed. Schools and colleges need to produce graduates with better skills, which can nicely match with industry’s needs. Additionally, Indonesia’s export-oriented sectors not only need an FDI-friendly policy, but it also needs progressive policies to attract manufacturing investors. PRC and now Viet Nam are examples of countries that have benefited from progressive FDI policies. Yes, there are costs associated with progressive FDI policy. One of them is the need to accommodate a small number of foreign workers. But the benefits are much larger, including increasing productive employment, inclusion into the global value chain, and, more importantly, opening wider opportunities for learning and chances to be part of the global technological innovation. Finally, to ensure investors come to Indonesia and stay here, the government should make sure all parts of the FDI engine are working smoothly and in sync under a strong and effective coordination framework.
If we want sustainable development, we have to work together
The Sustainable Development Goals (SDGs) is our plan for the future. It aims to transform our world and to improve people’s lives for more prosperity and a healthier planet. And on the 24thand 25th of September, world leaders will meet once more at the UN General Assembly to review what progress we have made in achieving these goals.
But already in July this year, countries were disclosing their Voluntary National Reviews (VNRs) on their SDG progress at the UN High Level Political Forum. There were real highlights such as 63% poverty level reduction in Rwanda, Pakistan launching a universal health coverage initiative and New Zealand implementing a national wellbeing measure of progress to complement the economic measure already in place. But the discussions also revealed existing challenges, including one embodied by the One Young World Ambassador Yolanda Joab Mori in her heart-breaking speech, which was a call for action to tackle the climate change that her home country Micronesia and the island states are experiencing worsening consequences of.
Different from its predecessor (the Millennium Goals) which focused more on sustainability in developing countries, the SDGs are explicitly goals for us all; rich and poor countries alike. They were created by governments, civil society and business in partnership and are not only designed to accelerate progress in developing countries, but to inspire developed ones too. Neither goals are exclusively for nations, but for everyone from businesses and NGOs to adopt in taking action.
In fact, like many others, this call for action was why our organization Pax Tecum Global was born. For us it was to support the SDG 17Partnerships for the Goals via partnerships between civil society, private sector and investors with international governments to progress greater impact, as we realised that our skill set could be utilised to initiate, facilitate and foster these relations. Our aim was to open up for conversations that were not being had and to nurture new collaborations for a more sustainable future.
Because let’s be honest – despite all the political polarisations we are seeing at the present time, we are still living in a world that is more interconnected and global than ever before. What happens in Britain will affect people in Brazil and what happens there can affect people in China. As this world is coming more and more together, so should our approaches to working with each other to improve our world.
We need partnerships in order to increase sustainable impact in our world.
Whether it’s an NGO looking to implement programs in Oman that can empower doctors with vital training to improve the health outcomes of women in their country, or a FinTech company looking to bring a vital service to a country in Ghana that can help rural residents access mobile banking where traditional banks failed them, partnership is required. Whether partnering with government, key stakeholders or even other businesses, collaboration and attaining will (whether political or business-like) is crucial in order to increase the potential for work being both long lasting and ultimately sustainable.
It’s the entire purpose of SDG 17 and why it’s among the most important to really progress the global goals, from reducing poverty to decreasing child mortality. It’s these partnerships that will help countries bridge the developmental gaps they have in attaining the key level of sustainability they need in achieving both their goals and report effectively in the VNRs on how they’re doing.
Because after all, this is what we all need to do, businesses, civil society organisations, governments and individuals alike. Evaluate what you’re about, and if you want a prosperous future for the world, find out where is your scope to support.
With the UN General Assembly approaching this September and still 11 years before the 2030 deadline intended to achieve the SDGs, this is when the world leaders will reconvene for a global review of the SDG progress. Yet while it’s the head of states and global glitterati that attend the meeting, it’s real the progress that they are really looking for is the one that we are all part of creating through working together.
National Mobilization of Entrepreneurialism; Skills gaps strategy
Uplifting midsize business economy, nation by nation
Although neglected, the revival of midsize business economy is extremely critical, as declaration of trade-wars on others are increasingly becoming living proofs of one’s own unskilled citizenry unable to quadruple exports. More heroic are the real declarations of internal skills-wars to retrain nation’s working citizenry to stand up to global-age standards of performance, productivity and quadrupling exportability bringing in local grassroots prosperity for better harmony. Observe the restless citizenry and the brutal decline of small medium enterprises amongst developed nation. Critically needed, to catch up lost decade a generational transformation is required, such challenges demand global-age style execution and are less dependent on new funding. So who is blocking and what’s stopping all this?
First, the driving philosophy:
So long the proof of the decimated grassroots prosperity among developed economies of the world is not required; so long the leadership accepts the calls of restless citizenry entangled on diversity and tolerance issues and growing populism. Although not be confused when cries about social justice and inequality often being bundled on ethnic and gender lines and labeled as mass populism. Very calm and very deep discussions are mandatory.
Furthermore, to explore reality, we must acknowledge that when mankind is in trouble, only mankind’s rules will solve the issues. In searching of answers, observe how the mind is limitless and hardwired like the open universe, therefore, eliminating random routes to endless journeys, a focused mind is one of the biggest achievements of life. If the mind is a miracle of the universe, the body its natural temple, self-discovery, self-optimization and lifelong learning is where we need to start once again on a new blank page. We need focus and we need harmonious progress.
To deploy technology in right directions and create highly productive national working citizenry compatible with global-age demands we have to fall back on mind. Civilization has always survived on these humanistic challenges with common-sense advancement principles.
Therefore, now enters an entrepreneurial mind; a product of lifelong learning, a cognizant and very capable element to handle such local, national or global tasks. Being added to the world are currently some billion new entrepreneurs in Asia, after all, it were some 100,000 entrepreneurs whom carved out the entrepreneurial supremacy of America that lasted well over a century. On productivity, performance, and supremacy of excellence our new world is zipping by the hour with no mercy for crawling nations. New speed of critical thinking and global age execution style must emerge across the nation or it will simply grind economy to halt. A lot of proof is out there
Especially, if the above national uplifting deployments and mobilizations are not new funding dependent but are rather combinations of technologically advanced global-age styles of execution dependent so now the main issue of what’s stopping all this should become the core issue.
Hidden in the differentiation with deeper understanding of “extreme-value-creation’ grassroots economies” and the “domination of ‘hologramic-debt-based economies” and this is where the future challenges are buried.
What can nations do?
During recent decades, developed economies were too slow to understand ‘soft-power-asset-management’ the art of imagining things over ‘hard-asset-centricity’ where staying deeply stuck to old routines on old factory floors is rewarded. This is like when forbidden are the bicycle makers to dream of ‘drones’ or flying cars. Some 100 millions small and large plants around the world are badly stuck in old groves of decades old mentality, unable to transform to the meaning of global-age, unable to rapidly optimize to grow to new heights with new global age thinking and execution. Imagine all that wasted potential, talent and machinery, infrastructure under dead weight of old mentality still logged into hard-assets… deeper studies are critical.
Next: A Global Revolution of Mind
Self-discovery poised to find all hidden potentials,
Self-optimization to deploy all new skills and potentials
Realization of producing extreme-value.
Realization of producing extreme-image-positioning.
Market navigation to reach global corners.
Understanding value of creating local grassroots prosperity.
Learning to live in harmony, diversity and tolerance
Rest is fakery
As new measurements of success; nations are now required to prove their mastery of transforming their own working-citizenry capable of global age skills with lifelong learning? To ensure a nation ending up with soft-power-assets and to become globally agile on trade and claim their global image supremacy of innovative excellence, leaving far behind hard-asset-centric traditionally structured economies based on short-term profit results.
New models of creating national wealth and identity; If investing only on selected lower hanging fruits is considered a good strategy, now investing more into hidden jungles and new trees while they grow into new fruitful heights will become an even smarter strategy. Building a soft-power-asset-centric society is much better over maintaining large industrial age complexes. Economies will increasingly face restless youth and anxious citizenry and there is nothing more critical than creating nationwide grassroots prosperity, all via lifelong learning and uplifting fear of automation, because displaced citizenry needs protection. As the cycle of laborious-work are getting replaced by smart-work while smart-work getting replaced by smarter machines, the ‘Masters of Robots’ will be the new smart unlearners, the ‘Slaves of Robots’ will be the deniers of change.
Critical Observations: Why immediate replacement of old education system around the world with new global-age transformation has become so necessary? It’s a liability on national productivity, it’s a burden of debt on the emerging youth of any nation and it’s rotten from the inside damaging economic philosophies in silence of the day.
This can be a wake-up call for economies of the world; rethinking,
reprioritizing, reinvesting and reinventing investable all over. Is it is easy
to transform people?
No, it’s almost impossible most of the times.
Here are some global-age options and new style thinking.
Calling mass transformation and mobilization of working-citizenry
Self-Discovery; close your eyes and discover your hidden talents, create supreme performance and become a global age thinker. This will open entrepreneurial thinking.
Enterprising Journeys; open your eyes and study the global age and indulge at the enterprise level, build and create massive growth. Do something phenomenal. This will open new business ideas.
Grassroots Prosperity; open your mind and lead by example, deploy and create grassroots prosperity, improve surroundings, help teams, share knowledge and create extreme value. This will open collaborative thinking and leadership roles.
National Mobilization; open your heart and share your authoritative command and knowledge, mobilize and help your own nation and make sure it is moving in the right direction, assist in boosting the national economy.
Mankind demands straight answers, seeks new alternatives, strives for grassroots prosperity and ready to lift the weight via power of entrepreneurialism
Can a nation declare top priority to discover its hidden and untapped talents of their citizenry?
Can it demonstrate superior skills to mobilize small and medium businesses across the nation?
Can it adopt continuous self-learning to foster occupational superiority for the nation?
Can national leadership demonstrate refined understanding of entrepreneurial skills?
Fact: The world can
easily absorb unlimited exportable ideas in unlimited vertical markets.
Fact: The well-designed innovative ideas are worthy of such quadrupled volumes.
Fact: The entrepreneurial and dormant talents of a nation are capable of such tasks.
Fact: The new global age skills, knowledge and execution are now the missing links
The Five Pillars of Global-Age
Global Age Exportability:
What’s really stopping a high potential enterprise from expanding to 100 countries?
Global Age Thinking:
What will it take to re-organize and operate as a multinational organization with little or no extra costs?
Global Age Modeling:
How to optimize and integrate soft power assets against sluggish hard asset centricity.
Global Age Execution:
How to get trained to achieve what normally takes 365 normal days to do it in only 365 dramatic hours.
Global Age Presence:
How to bring the image supremacy of innovative excellence into global space and profit.
Global Age Prosperity:
How to become a magnet of prosperity with new revenues, new funding, and new alliances
Cold Facts and Warm Realities: Success at times is failure management; failure is often a lost battle, but not a lost war, as ultimate success is not necessarily winning the war, success is far more about understanding the battlefield, as the real victory is hidden outside the war. Soon, economic leadership will be less about raw commodities and infrastructures and more about mental endurance and global age skills of its citizenry. Imagination and entrepreneurialism is far more important over commodities and infrastructures
Three steps for Midsize Economy to advance on grassroots prosperity:
Identify 1000 to 10,000 or 1,000,000 small and midsize entrepreneurs within a nation, and create a national agenda to quadruple their performance on innovative excellence and exportability. Caution–this is not to be confused with old out-dated-dysfunctional-government-data rather it requires the assembly of ultra-modern-digital and current-profiles of midsize enterprises within a nation. Deploy digitization of top national trade associations and chambers of commences to upgrade to world-class digital platforms so that their entire membership can skate nationally and globally showcasing their goods and services. Caution–this is not to be confused with already broken and disconnected websites from the last decade; this is more like LinkedIn format with colorful and highly interactive platforms. Study Expothon Strategy and how over a decade it has perfected the model; observe how Worldbank also adopted similar approach with their well executed Econothon project. Expect some serious deployments in this arena. It is time to engage the national entrepreneurial talent, 1000-10,000- or 1,000,000 small and midsize businesses in ongoing discussions and high quality entrepreneurial debates and to create global bounce that will unveil unlimited growth. Caution– this is not to be confused with a single plastic award night; this is about outstanding performance of the remaining 364 days of the year each filled with active and daily engagements.
Timelines: Once tackled the mobilization agenda starts progress within a year or less.
Why is there a critical lack of knowledge? Was there ever a senior level debate and authoritative discussion on such deep integrations? Some 10,000 Chambers of Commerce of the world are sorting out trade wars and trade disputes, but there is little or no concentration on new global age demands of the global marketplace for their memberships. In the meantime there are some 100,000 National Trade Associations of the world stuck in last century thinking when it comes to advanced level digital platforms and are afraid about their future roles and return on investment on membership fees. They all will shine under new flags of creating new global bounce and prosperity. Caution—what’s already on the floor of these organizations is just dead weight, in needs of a scale-up to measure the opportunity loss. Public Sectors of the world are grossly under-optimized and have little or no knowledge of their own hidden talents. They are seriously afraid of entrepreneurialism and without global-age skills or innovative ideas they know nothing about taming the elephant of global survival. It is time for the Public Sector to become confident, highly optimized and fearless, and will contribute freely to new ideas and prosper.
By all means, such transformations are no easy task; but however, they are less dependent on new-funding but are heavily dependent on global-age-execution and strategic agenda
In the meanwhile, the small and mid-size economies of the world though in critical need of global age expertise, are already drowning in hot soup and do not have the time, finances or the luxury to intellectualizing such issues. They have already lost faith in their local support but once rejuvenated they will become the number one source of new job creation within the nation and once they wake up to the fact that prosperity is easily in their reach. Lifelong learning and systematic training and coaching is where the missing links are as individually it cannot but in a massive mobilization mode it games a game changer for all small and medium enterprises. So what’s stopping this?
The overflow of free technologies, progressive local, national and global solutions are grossly misunderstood and the least optimized areas. This is an ocean in need swimmers and scuba-divers.
Such programs also improve current status of the national issues, like:
Nations are already flooded with massive innovations, but lack
Nations have over certifications and degrees but seriously lack business directions.
Nations have empty incubators and exhausted accelerators like real estate projects.
Nations have economic development programs but often without mega punch.
A Round-table or Senior Cabinet Level discussions is always good starting point.
Humanitarian migration falls while labour and family migration rises
Migration flows to OECD countries rose slightly in 2018, with around 5.3 million new, permanent migrants, a 2% increase over...
After stalling last year, renewable power capacity additions to hit double-digit growth in 2019
After stalling last year, global capacity additions of renewable power are set to bounce back with double-digit growth in 2019,...
Foreign direct investment is not coming to Indonesia. Really?
The economic topic receiving most attention in the last few days is certainly that of foreign direct investment, or FDI,...
Kashmir: The Unconquerable Will of Kashmiris is still Alive
Every dictatorship flourishes more on the continuing incapacity of the public to examine and evaluate reality in the way that...
Liquidity Crisis Weighs on An Already Strangled Palestinian Economy
Palestinian Authority (PA) faces a financing gap that could exceed US$1.8 billion for 2019 driven by declining aid flows and...
How to Design Responsible Technology
Biased algorithms and noninclusive data sets are contributing to a growing ‘techlash’ around the world. Today, the World Economic Forum,...
Emerging East Asia Bond Markets Continue Growth Despite Risks
Emerging East Asia’s local currency bond market expanded steadily in the second quarter of 2019 despite downside risks stemming from...
South Asia2 days ago
Abrogation of Article 370 and Pakistan’s Pathetic Response
Eastern Europe2 days ago
Foreign Affairs of the Absurd: The Strange Case of Abkhazia 2019
East Asia3 days ago
How to turn the page on WW II in Asia
International Law3 days ago
National Interest surpassing human rights: Case study of Kashmir
Reports2 days ago
Iceland’s slowdown underlines the need to fix structural issues
Economy2 days ago
If we want sustainable development, we have to work together
Reports3 days ago
Agricultural Innovation & Technology Hold Key to Poverty Reduction in Developing Countries
Middle East3 days ago
Algeria’s political impasse: What is next?