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  • Author: Roland Rajah
  • Publication Date: 08-2020
  • Content Type: Commentary and Analysis
  • Institution: Lowy Institute for International Policy
  • Abstract: Indonesia has much economic potential but the trade-off between growth and stability continues to bind its growth ambitions. Indonesian economic policy continues to prioritise stability over growth but the adequacy of economic growth has become the bigger issue. President Joko Widodo’s commendable pro-growth efforts have so far only stabilised Indonesia’s trajectory rather than boost it. Doing better will require reforms to be calibrated to make the trade-off between growth and stability less binding while enhancing productivity.
  • Topic: Government, International Trade and Finance, Economy, Economic Growth
  • Political Geography: Indonesia, Asia-Pacific
  • Author: Nicola Bilotta, Alissa Siara
  • Publication Date: 04-2020
  • Content Type: Commentary and Analysis
  • Institution: Istituto Affari Internazionali
  • Abstract: One of the key priorities of the new European Commission is to enhance the EU’s geopolitical credentials and “learn to use the language of power”, as stated by the incoming EU High Representative Josep Borrell. The EU’s ambition is two-fold: to increase the Union’s ability to project power and influence at the global level, including through increased integration and coordination among member states, and secondly to enhance the EU’s strategic autonomy from the US in the political, military and economic domains. Both objectives, ambitious in the best of circumstances, are today under severe strain by the COVID-19 crisis. Implications will be long-lasting and multidimensional, and for Europe, its impact will have a direct bearing on its ambition for strategic autonomy, touching each of the three pillars outlined above.
  • Topic: Regional Cooperation, Geopolitics, Economy, Autonomy, Coronavirus
  • Political Geography: Europe, European Union
  • Author: Giuliano Garavini
  • Publication Date: 04-2020
  • Content Type: Commentary and Analysis
  • Institution: Istituto Affari Internazionali
  • Abstract: Oil markets are facing a perfect storm. The scissors of supply and demand are moving against one another, generating increasing pain on the oil industry and the political and financial stability of oil-producing countries. Global oil demand is dropping due to the recession induced by the COVID-19 shut down of economic activity and transport in the most industrialized countries. Goldman Sachs predicts that global demand could drop from 100 million barrels per day (mdb) in 2019 to nearly 80 mdb in 2020.1 If confirmed, this would be single biggest demand shock since petroleum started its race to become the most important energy source in the world.
  • Topic: International Trade and Finance, Oil, Global Markets, Economy
  • Political Geography: Russia, Saudi Arabia, Global Focus
  • Author: Nicoletta Pirozzi
  • Publication Date: 04-2020
  • Content Type: Commentary and Analysis
  • Institution: Istituto Affari Internazionali
  • Abstract: Every era has its symbols. In 1984, Mitterrand and Kohl held hands on the battlefield in Verdun, coming to symbolise the importance of peace in the pursuit of European integration. Today, in times of COVID-19, the so-called “Coronabonds” could have emerged as the symbol of a new Europe, one that is ready and able to do what it takes to collectively overcome the present crisis. Yet, what some member states consider an indispensable emblem of European solidarity, namely debt mutualisation to face an unprecedented symmetric crisis brought about by COVID-19, is regarded by others as an ultimate excuse for moral hazard. As a result, Europe could end up with a politically more digestible European Fund, as proposed by Commissioners Paolo Gentiloni and Thierry Breton, designed to issue long-term bonds.[1] Or, as outlined by the Eurogroup, a Recovery Fund that is “temporary, targeted and commensurate” to the extraordinary costs of the current crisis, helping to spread them across time.
  • Topic: Financial Crisis, Governance, Finance, Economy, Coronavirus
  • Political Geography: Europe, European Union
  • Author: Christopher J. Bolan
  • Publication Date: 05-2020
  • Content Type: Commentary and Analysis
  • Institution: The Strategic Studies Institute of the U.S. Army War College
  • Abstract: It is worth approaching an assessment of the likely impacts of the COVID-19 pandemic on the Middle East with a strong dose of humility. Nonetheless, it is clear that the spread of this disease has already had major impacts on the global economy, drastically reducing demand for Middle East oil exports, and leading to a historic collapse in oil prices. The immediate challenges of dealing with the monumental health and economic challenges posed by COVID-19 will add to the troubles of a region already burdened by multiple civil wars, poorly performing economies, growing civil discontent, and intensified sectarian divisions. This article offers a preliminary assessment of the potential impacts of COVID-19 on the security landscape of the Middle East and advances recommendations for how US military strategy and operations might adapt.
  • Topic: Security, Oil, Military Strategy, Economy, Exports, Pandemic, COVID-19
  • Political Geography: Middle East
  • Author: Margareth Sembiring
  • Publication Date: 04-2020
  • Content Type: Commentary and Analysis
  • Institution: Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
  • Abstract: The COVID-19 outbreak disrupted our daily lives and impacted national economies. Amidst the virus turmoil, our natural surroundings have benefited from the slowdown. The global community needs to make a concerted effort to rethink our approach to economic growth to avert a climate crisis.
  • Topic: Climate Change, Environment, Economy, COVID-19
  • Political Geography: Global Focus
  • Author: Jose M. L. Montesclaros, Mely Caballero-Anthony
  • Publication Date: 07-2020
  • Content Type: Commentary and Analysis
  • Institution: Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
  • Abstract: Many economies have already started to re-open in spite of growing COVID-19 active cases, but it may be for the wrong reasons, and some may be premature. Analysing the healthcare and fiscal capacity of countries provides insights on framing the logic of re-opening.
  • Topic: Health, Economy, Pandemic, COVID-19
  • Political Geography: Global Focus
  • Author: Christopher A. McNally
  • Publication Date: 06-2020
  • Content Type: Commentary and Analysis
  • Institution: East-West Center
  • Abstract: With both the US and China facing a long economic slowdown, the bilateral relationship between the globe's two largest economies faces massive challenges. Making matters worse, Washington and Beijing have attempted to divert domestic attention away from their own substantial shortcomings by blaming each other. Given the economic uncertainty, each side has limited leverage to force the other into making concessions. Harsh rhetoric only serves to inflame tensions at the worst possible time. For better or worse, the US and China are locked in a messy economic marriage. A divorce at this time would exact an enormous cost in an already weakened economy.
  • Topic: Foreign Policy, Bilateral Relations, Economy, COVID-19
  • Political Geography: China, Asia, North America, United States of America
  • Author: Andew Mason, Sang-Hyop Lee, Donghyun Park
  • Publication Date: 05-2020
  • Content Type: Commentary and Analysis
  • Institution: East-West Center
  • Abstract: Elderly populations in Asia are expanding more quickly than other age groups. This shift in population age structure had two major impacts: demand for income support for the elderly will rise because their labor income tends to be extremely low; and gross domestic product (GDP) and other aggregate economic indicators will grow more slowly as growth in the effective labor force declines. In countries where government programs play an important role in old-age support, tax rates will have to rise or benefits will have to be curtailed or both—all options with significant political costs.
  • Topic: Demographics, Labor Issues, Population, GDP, Economy
  • Political Geography: Asia, Asia-Pacific
  • Author: Felix Chang
  • Publication Date: 05-2020
  • Content Type: Commentary and Analysis
  • Institution: Foreign Policy Research Institute
  • Abstract: Affronts to Australia by China’s top diplomat in Canberra and the Chinese Communist Party’s Global Times newspaper reached new heights in April 2020. What prompted their verbal barbs was the Australian government’s backing for an independent review into the origins and spread of the novel coronavirus disease (COVID-19). While Australian Prime Minister Scott Morrison may have regarded such a review as a way to avert future pandemics, Beijing saw it as support for finger-pointing at China. Whichever is the case, the affronts shone a light on how Beijing has come to view Australia and what it and other countries in the Indo-Pacific region might expect from China in the future. Still, China’s diplomatic and editorial barbs were surprising. China has long worked to move Australia closer into its orbit and away from that of the United States. And, by and large, those efforts had been paying off. Over the last decade, several Australian foreign policy analysts had come to believe that greater accommodation of China would be needed to ensure Australia’s future prosperity. Indeed, Canberra has already shown more sensitivity on issues, like Taiwan, which Beijing deemed strategic. But rather than being content with Australia’s gradual shift, China has undertaken actions that could undermine it, from cyber-espionage to political influence-buying in Australia. China’s most recent affronts are likely to deepen Australian concerns over what Chinese power means for the region.
  • Topic: Diplomacy, Bilateral Relations, Economy, Coronavirus
  • Political Geography: China, Asia, Australia
  • Author: Yaroslav Shevchenko
  • Publication Date: 07-2020
  • Content Type: Commentary and Analysis
  • Institution: Foreign Policy Research Institute
  • Abstract: The Russian Federation and the People’s Republic of China are certainly the two most prominent authoritarian regimes in the world today, with their quasi-alliance characterized as an “axis of authoritarians” and portrayed as a major threat to the West and global liberal democracy. However, despite unmistakable similarities that exist between Xi Jinping of China and Vladimir Putin of Russia, the reality is far more complex. Their respective responses to the COVID-19 crisis shed some light on differences between the political-governance models of these two countries.
  • Topic: Authoritarianism, Economy, Crisis Management, COVID-19, Health Crisis
  • Political Geography: Russia, China, Eurasia, Asia
  • Author: Giulia Di Donato
  • Publication Date: 05-2020
  • Content Type: Commentary and Analysis
  • Institution: Italian Institute for International Political Studies (ISPI)
  • Abstract: During the last four decades, China experienced impressive economic growth, becoming one of the leading powers of the global economy. After a century of humiliation imposed by Western and Japanese colonial powers, today the country is demonstrating a strong desire to achieve its national rejuvenation (guojia fuxing). Indeed, under the iconic leadership of President Xi Jinping, China is adopting an increasingly assertive international behavior, balancing the need to protect its sovereignty and strategic interests related to economic and security issues, and the ambition to restore its role of a great power[1]. In this context, the Belt and Road Initiative (BRI) - a massive infrastructure project to improve connectivity between the East and the West, increase regional cooperation and facilitate trade and investments - has been described as China’s grand strategy championing its global governance ambitions[2]. Indeed, BRI-participating economies represent more than one-third of global GDP, and over half of the world’s population (OECD 2017).
  • Topic: Regional Cooperation, Economy, Grand Strategy, Belt and Road Initiative (BRI)
  • Political Geography: China, Europe, Asia
  • Author: Naser al-Tamimi
  • Publication Date: 01-2020
  • Content Type: Commentary and Analysis
  • Institution: Italian Institute for International Political Studies (ISPI)
  • Abstract: With more than 136 countries (end-July 2019) reported to have signed up to the Belt and Road Initiative (BRI hereafter) since it was announced by President Xi Jinping in 2013, estimates for China's potential BRI investments vary significantly, from around US $1 trillion to as much as US $8 trillion. China’s spectacular economic rise over the last three decades has been accompanied by a sharp increase in its energy demand. As a result, China is the world’s largest energy consumer. As its economy continues to grow, even at lower rates than before, its dependence on oil and gas imports will increase over the next two decades.
  • Topic: Oil, Economy, Soft Power, Belt and Road Initiative (BRI)
  • Political Geography: China, Asia
  • Author: Jessica Obeid
  • Publication Date: 03-2020
  • Content Type: Commentary and Analysis
  • Institution: Italian Institute for International Political Studies (ISPI)
  • Abstract: Lebanon defaulted on its debt for the first time in the country’s history. Many factors have contributed to this economic and fiscal crisis, but at the heart of them is the electricity sector, accountable for more than $39.5 billion, equivalent to 43 percent of the public debt, and embodying the core structural issues of Lebanon; a non-functioning confessional system built on the foundation of vested interests.
  • Topic: Debt, Infrastructure, Financial Crisis, Economy, Electricity
  • Political Geography: Middle East, Lebanon
  • Author: Marina Calculli
  • Publication Date: 03-2020
  • Content Type: Commentary and Analysis
  • Institution: Italian Institute for International Political Studies (ISPI)
  • Abstract: Lebanon’s sovereign default comes at a heavy price for Hezbollah. This is not simply because of Hezbollah’s powerful role within the government that failed to repay a $1.2 bn bond on 10 March 2020. This is mainly because Hezbollah’s rivals are likely to use the current financial crisis to impose an external authority over Lebanon and increase pressure on the ‘Party of God’ to disband its armed wing.
  • Topic: Security, Financial Crisis, Economy, Hezbollah
  • Political Geography: Middle East, Lebanon
  • Author: Tom Rhodes
  • Publication Date: 03-2020
  • Content Type: Commentary and Analysis
  • Institution: Italian Institute for International Political Studies (ISPI)
  • Abstract: While there is never a good time for a country to face an epidemic, it could not come at a worse time for a country in transition like Sudan. Prior to the first cases of the coronavirus confirmed on 13 March, the country already faced a humanitarian and economic crisis. In February, the inflation rate was at 71% and prices were double those cited in 2019, according to the US-funded food monitoring body, the Famine Early Warning System (FEWS). The Under-Secretary-General for Political and Peace-building Affairs, Rosemary DiCarlo, told the UN Security Council recently that Sudan’s humanitarian needs were severe, with 9.3 million people needing aid by the end of 2019.
  • Topic: Economy, Humanitarian Crisis, Transition, COVID-19
  • Political Geography: Africa, Sudan
  • Author: Yasir Zaidan
  • Publication Date: 05-2020
  • Content Type: Commentary and Analysis
  • Institution: Italian Institute for International Political Studies (ISPI)
  • Abstract: Only a few short months following the one year anniversary of the Sudanese revolution, Khartoum is facing a global pandemic and a deteriorating economic situation. Over the last decade, Sudanese people have been suffering from inflation and gas shortages as a result of losing 75 percent of its oil revenue that was assumed by South Sudan after the separation of the two states. The failing economy that contributed to the fall of the Bashir's regime is now getting worse, and the transitional government has yet to implement any fundamental reforms to rescue a weak transitional period in Sudan. The government's failure to achieve these reforms stems from deep ideological divisions inside the revolution's political coalition.
  • Topic: Oil, Economy, Transition
  • Political Geography: Africa, Sudan
  • Author: Dan Gottlieb, Mordechai Kedar
  • Publication Date: 05-2020
  • Content Type: Commentary and Analysis
  • Institution: The Begin-Sadat Centre for Strategic Studies (BESA)
  • Abstract: The coronavirus crisis has exposed Arab and Islamic notions of fraternity, mutual commitment, and solidarity as hollow rhetorical slogans. Each country in the region is focused entirely on its own efforts to survive economically, socially, and politically as the pandemic continues to wreak havoc.
  • Topic: Government, Health, Economy, COVID-19
  • Political Geography: Middle East
  • Author: Roie Yellinek
  • Publication Date: 02-2020
  • Content Type: Commentary and Analysis
  • Institution: The Begin-Sadat Centre for Strategic Studies (BESA)
  • Abstract: China and Iran have a close relationship, but Beijing’s influence over Tehran is questionable. Its response to the killing of Iranian Quds Force commander Qassem Soleimani offers clues to its view of its own role in the Middle East.
  • Topic: Bilateral Relations, Economy, Political stability, Qassem Soleimani
  • Political Geography: China, Iran, Middle East, Asia, United States of America
  • Author: Vít Havelka
  • Publication Date: 06-2020
  • Content Type: Commentary and Analysis
  • Institution: Europeum Institute for European Policy
  • Abstract: On Friday, EU leaders met online to discuss the newest proposal by the European Commission on the future MFF and Next Generation EU recovery fund. As expected, the meeting was devoted to a mere assessment of Member States’ starting negotiation positions, meaning no significant progress has been made. The leaders only agreed to finalize the negotiations as soon as possible, targeting at mid-July during the German presidency. The introduction of Next Generation EU fund rewrote the dividing lines in the EU manifesting during the previous MFF negotiations. Some groupings, such as Frugal Four remain more or less intact, whereas the group of “Friends of Cohesion” disintegrated into several blocks, which makes the negotiations less lucid. Southern Europe supports the new Commission proposals; Czech Republic, Hungary and several Baltic State express reservations. Nevertheless, the good news is that no country vetoed the Commissions proposal and there is a good chance to reach an agreement. Whether this will happen before the summer break remains to be seen. The member states positions are now far away from each other, and the leaders will have to manifest good negotiation skills in order to conclude the negotiations within one month.
  • Topic: Governance, European Union, Economy, Recovery, Coronavirus
  • Political Geography: Europe
  • Author: Christian Kvorning Lassen
  • Publication Date: 06-2020
  • Content Type: Commentary and Analysis
  • Institution: Europeum Institute for European Policy
  • Abstract: Christian Kvorning Lassen from EUROPEUM Institute for European Policy together with Jan Kovář from Institute of International Relations Prague wrote a commentary "Czechia: This Covid-19 environment is not conducive to external solidarity" for the EPIN Report publication, concerned with EU external solidarity at the time of Covid-19. EU member states have been discussing how to collectively deal with the socioeconomic repercussions of the Covid-19 pandemic. As major debates continue to take place about internal solidarity, the question arises how the EU and its member states wish to support third countries, outside the EU, in tackling their health and economic emergencies. On the one and, the EU wishes to become a geopolitical power, which requires that the Union and its member states step up their role and support on the global scene. On the other hand, there are signs of ‘coronationalism’ with some national political parties questioning EU external aid at a time when member states themselves are struggling. Based on expert contributions from a representative cross-section of thirteen member states, this report delves into the question of whether and how external solidarity has been part of the political or public debates in Covid-struck Europe. It finds that, for now, neither ‘coronationalist’ nor geopolitical ambitions dominate the relatively little politicized debates about international cooperation and development aid.
  • Topic: Regional Cooperation, Foreign Aid, European Union, Geopolitics, Economy, Coronavirus, COVID-19
  • Political Geography: Europe
  • Author: Christian Kvorning Lassen
  • Publication Date: 07-2020
  • Content Type: Commentary and Analysis
  • Institution: Europeum Institute for European Policy
  • Abstract: As Germany assumes the presidency of the Council of the EU, the Union is facing the “biggest test of its history” according to German Chancellor Angela Merkel. The challenges of the Covid-19 pandemic and a severe economic recession could not be more extraordinary. The weight of expectations on Berlin to assume a European leadership role during the presidency are as extraordinary as those challenges. What exactly do other member states expect from Germany and how do they set their policy priorities? To answer this, the European Policy Institutes Network (EPIN) has compiled an analysis of 15 different national perspectives. Czechia hopes that Germany will forge a compromise that ensures more funding for the cohesion policy and more flexibility to use those funds, including those allocated to the European Green Deal. Czechs look towards the German presidency in hope that the salience of the Green Deal will fall, arguing instead that the pandemic requires a delay – or even abandonment – of a principally green-based restructuring of the economy. The fact that studies based on the previous financial crisis indicate that green investments are ideally positioned to spur economic recovery is ignored; the resistance towards climate neutrality in Czechia is ideological rather than empirical.
  • Topic: Climate Change, European Union, Economy, Recovery, COVID-19
  • Political Geography: Europe, Germany
  • Author: Paul Rivlin
  • Publication Date: 02-2020
  • Content Type: Commentary and Analysis
  • Institution: Moshe Dayan Center for Middle Eastern and African Studies
  • Abstract: In this issue of Iqtisadi, Paul Rivlin delves into the structural factors that led to protests and the overthrow of Sudan's longtime dictator, Omar al-Bashir, in 2019. This background along with more recent developments, explains why some of the leadership in Sudan today believe engagement with Israel makes good economic sense.
  • Topic: International Relations, Economy, Omar al-Bashir
  • Political Geography: Africa, Sudan, Middle East, Israel
  • Author: Paul Rivlin
  • Publication Date: 05-2020
  • Content Type: Commentary and Analysis
  • Institution: Moshe Dayan Center for Middle Eastern and African Studies
  • Abstract: In this issue of Iqtisadi, Paul Rivlin analyzes several of the key economic effects on the Middle East and North Africa caused by the COVID-19 pandemic and the sudden drop in oil prices.
  • Topic: Oil, Economy, Coronavirus, COVID-19
  • Political Geography: Middle East, North Africa
  • Author: Joel Parker
  • Publication Date: 06-2020
  • Content Type: Commentary and Analysis
  • Institution: Moshe Dayan Center for Middle Eastern and African Studies
  • Abstract: In our June issue of Iqtisadi, Joel D. Parker examines the connection between the economic crises in Lebanon and Syria in light of new sanctions imposed by the United States.
  • Topic: Sanctions, Economy, Syrian War, COVID-19
  • Political Geography: Middle East, Lebanon, Syria, North America, United States of America
  • Author: Paul Rivlin
  • Publication Date: 07-2020
  • Content Type: Commentary and Analysis
  • Institution: Moshe Dayan Center for Middle Eastern and African Studies
  • Abstract: In this issue of Iqtisadi Paul Rivlin analyses the underlying factors in the economic problems facing Iraq, Syria, and Lebanon, and highlights losses in personal income among the populations in these countries that have added fuel to social protests in recent months.
  • Topic: GDP, Economy, Coronavirus, COVID-19
  • Political Geography: Iraq, Iran, Middle East, Syria
  • Author: Rina Bassist
  • Publication Date: 05-2020
  • Content Type: Commentary and Analysis
  • Institution: Moshe Dayan Center for Middle Eastern and African Studies
  • Abstract: For our latest issue of Ifriqiya, Rina Bassist discusses the immediate economic impact of the COVID-19 pandemic on sub-Saharan Africa, and raises awareness of the threat of a prolonged crisis both for wealthier countries and for the poorest countries in that region.
  • Topic: Economy, Crisis Management, Coronavirus, COVID-19
  • Political Geography: Africa, Sub-Saharan Africa