World Economy: Where is the Recovery Going?
There is much to say about the so-called “post-pandemic” economic rebound. The figures look impressive, but warnings are manifold. New heights in inequality between rich and poor are pouring petrol on existing social tensions, and producing new ones. Spiraling food prices are provoking further social explosions. Capitalism’s disastrously slow, uneven and inefficient vaccine rollout leads to more contagious and vaccine-resistant brands of the virus. Inflationary pressures could force central banks to tighten monetary policy and plunge the economy back into recession. Moreover, there are the many challenges which already existed before the pandemic and have become bigger, more imminent, and more urgent: ecological tipping points, the new Cold War, the accumulation of debt, lack of investment in productive capacity etc.
World Economy Scarred by Covid-19
The IMF’s last forecast, in April, predicted that world growth would contract by 3%, which it described, in what must be the most-used word of 2020, as “unprecedented.” This report revises that downward to 5%. What will be the consequences?
World economy – heading for the junkyard
David Cameron seems to have woken up to the problems facing the world economy when he said “red…
Debt crunch intensifies China’s crisis
Beijing’s sharp credit squeeze adds panic on global financial markets By Vincent Kolo, chinaworker.info World financial markets have…
“Central banks are flying blind”
Increasing concerns and contradictions By Per-Åke Westerlund, from Offensiv, newspaper of Rättvisepartiet Socialisterna (CWI Sweden) The severe downturn…