Almost two decades ago, the World Bank published its landmark study “The East Asian Miracle,” analyzing why East Asian economies grew faster than emerging markets in Latin America, Africa, and elsewhere. But it is necessary to re-assess economists’ focus on these countries’ formal rules and governance structures.
The current economic climate is likely to produce deep disparities in economic performance over the long-term. Ultimately, while some countries will be far more adversely affected than the other, those that do (relatively) better will share three key characteristics: relatively low public debt, strong domestic demand-led growth and a robust democracy.
The International Monetary Fund (IMF) has lowered India’s economic growth estimate from 6.9 percent to 6.1 percent for 2012, reported Reuters on Monday, with the cut seen to be the steepest among any emerging economy in the world.
“In the past three months, the global recovery, which was not strong to start with, has shown signs of further weakness,” wrote the IMF in its latest World Economic Outlook report.
As a reformed Europe starts growing, parts of it might experience US-style inequality. But Europe would be far worse off if it were to avoid serious reform and lapse, Japan-like, into egalitarian and genteel decline.
CHICAGO – To understand how to achieve a sustained recovery from the Great Recession, we need to understand its causes. And identifying causes means starting with the evidence.
In a bid to stimulate its slowing economy, China has announced that it will cut taxes on the profits of foreign companies by up to 50 percent.
A commentary that appeared in the China Daily today has said that China’s tax revenue is “too high”.
After the slew of negative reports from China last week, investors will be looking towards the United States for some better news this week. Fed Chairman Ben Bernanke will present his semi-annual monetary policy report to Congress early this week, and many are hoping that the US central bank will take steps to ease monetary policy even further.
Related News: US Banks Are Fine, Worry About the EU: Bernanke
China’s economy grew at 7.6 percent in the second quarter of 2012, marking its sixth straight consecutive quarter of decelerating growth, its slowest pace in three years.
The decelerating growth confirms fears of a so-called hard landing in China, and heightens worries over its subsequent impact on the rest of the world.
China is the world’s second largest economy and accounts for about a fifth of the world’s total economic output.
Italy’s national statistics body, the ISTAT, may cease publishing data on the economy beginning from next year, reported Reuters on Thursday, after ISTAT’s President Enrico Giovannini threatened to go on strike following the government’s decision to cut more money from the agency’s budget.
The U.S.-China rivalry took an unfashionable sporting twist on Thursday after a report by ABC News revealed that American athletes were being decked out in made-in-China uniforms for the upcoming Olympics’ opening and closing ceremonies.
EU states lose an estimated €1 trillion in potential revenue every year from tax evasion and avoidance activities. Much of this amount, it turns out, has been squirreled away to offshore tax havens – known otherwise as “treasure islands”. Can anything be done to recoup these losses?
