When Deng Xiaoping launched China’s strategy of “reform and opening up” in 1978, economists in the West had their doubts. In their view, a vibrant market economy was fundamentally incompatible with China’s authoritarian political system. But many in the East – including Koreans like me, who witnessed the East Asian miracle while living under developmental dictatorship – were hopeful.
The world's biggest economies are committed to taking a careful approach to unwinding support introduced during the coronavirus pandemic, Indonesia said Friday at a meeting of G20 finance chiefs.Some central banks, including in the United States (US), are moving towards hiking rates and withdrawing stimulus as economies rebound strongly from COVID-induced downturns and inflation surges.But there are concerns that aggressive policy tightening could knock a fragile recovery off course, and
The crisis in Ukraine is a serious threat to the global economy's post-pandemic recovery, Indonesia's leader on Thursday warned a meeting of finance chiefs from the G20 nations.The Group of 20 – which brings together the world's top economies including the United States (US), China and some European nations – is holding talks in hybrid format in the Indonesian capital Jakarta.Opening the two-day meeting, Indonesian President Joko Widodo warned of the risks to the fragile recove
Indonesia's economy returned to growth last year as surging commodity prices helped drive a recovery from a coronavirus-triggered recession, data showed Monday, though officials warned the outlook depended on how well the fast-spreading Omicron variant is managed.Southeast Asia's biggest economy expanded 3.69 percent on-year, the country's statistics agency said, having contracted in 2020 for the first time since 1998 during the region's financial crisis.The healthy reboun
The Philippine economy rebounded stronger than expected in 2021 after a relaxation of COVID-19 rules fuelled consumer spending and got more people back to work, officials said Thursday as they forecast a return to pre-pandemic growth this year.Gross domestic product (GDP) expanded 5.6 percent, the statistics agency said, after a 9.6 percent slump the previous year – the worst since World War II – was fuelled by crippling lockdowns destroying millions of jobs and forcing people to stay home.Th
Omicron’s arrival has once again changed the course of the pandemic. The increased transmissibility of the COVID-19 variant means record numbers of people are being infected across the globe, and with each infection comes a period of isolation for every individual and their close contacts.Most countries have ended their furlough schemes, so despite staff members being off with COVID-19 they have had to remain open, often short staffed.
More than half of people in Europe will likely catch Omicron by March, the World Health Organization said Tuesday, as the World Bank warned the contagious variant could hamper global economic recovery.Millions in China were locked down again, exactly two years after Beijing reported the first death from what was later confirmed to be coronavirus.The highly transmissible Omicron strain has swept across countries, forcing governments to impose fresh measures and some rolling out vaccine booster
After a year in which people longed to get back to “normal,” it is now clear that COVID-19 will not make this possible. The pandemic, now heading into its third year, has profoundly affected individuals, communities, countries, and international cooperation, creating four tough challenges for 2022. Rebuilding trust will be critical to confronting all of them. The first challenge is that people’s relationship to work has changed.
This was supposed to be the Asian century, with the ascent of China being only one – albeit a major – part of the story.
In just four decades, China’s economy has achieved an unprecedented level of wealth and development, and, until recently, its upward trajectory of economic growth and prosperity seemed set to continue.
The 20th anniversary of China’s accession to the World Trade Organization (WTO) on 11 December has once again highlighted long-standing debates about how well China has lived up to its WTO obligations, and whether any deviation from its commitments boosts or slows its economic growth.
The United States (US) and China are competing for dominance in technology. America has long been at the forefront in developing the technologies (bio, nano, information) that are central to economic growth in the 21st century. Moreover, US research universities dominate higher education globally. In Shanghai Jiao Tong University’s annual Academic Ranking of World Universities, 16 of the top 20 institutions are in the US; none is in China.
