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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: John Edwards
  • Publication Date: 08-2020
  • Content Type: Commentary and Analysis
  • Institution: Lowy Institute for International Policy
  • Abstract: Despite Victoria’s second wave of infection, Australia’s economic recovery from the coronavirus is underway. The bitter aftermath includes high and rising unemployment, vastly increased government debt, and a markedly less congenial global economy. Though formidable, the fiscal challenge is well within Australia’s means, especially if the Reserve Bank remains willing to acquire and hold Australian government debt. It may need to do so anyway to suppress an unwelcome appreciation of the Australian dollar in a world where major central banks are committed to low long term interest rates. Australia’s increasing integration into the East Asia economic community offsets the drag from the major advanced economies, but the US–China quarrel and the dislocation of global trading and investment relationships it threatens heightens the tension between Australia’s economic and security choices.
  • Topic: Debt, Economy, Fiscal Policy, Unemployment, COVID-19
  • Political Geography: China, Asia, Australia, North America, Asia-Pacific, United States of America
  • 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: Kensuke Yanagida
  • Publication Date: 04-2020
  • Content Type: Commentary and Analysis
  • Institution: Japan Institute Of International Affairs (JIIA)
  • Abstract: As of April 5, 2020, there are 177 countries/regions confirming cases of new coronavirus infections (COVID-19), making this an unprecedented pandemic. With the number of infected people increasing and medical systems under severe pressure, measures such as lockdowns and border restrictions have been tightly imposed in most countries/regions. As a result, economic activities in both production and consumption have been temporarily halted. Indeed, the pandemic is creating a situation that is simultaneously freezing the global economy. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), said that the impact of the Corona Shock on the global economy could be "far worse" than that of the 2008-2009 global financial crisis (also known as the Lehman Shock).   How much impact will the unprecedented pandemic have on the global economy? In this paper, the author will quantitatively analyze the impact of the Corona Shock using an applied general equilibrium model (Computable General Equilibrium (CGE)). The estimation results show that the longer the COVID-19 outbreak continues and the greater the spread of infections, the greater the negative impact on the global economy. The impact is forecast to be at or even above the level of the Lehman Shock.
  • Topic: Economy, Crisis Management, COVID-19
  • Political Geography: Global Focus
  • Author: Li Hao
  • Publication Date: 05-2020
  • Content Type: Commentary and Analysis
  • Institution: Japan Institute Of International Affairs (JIIA)
  • Abstract: The author released a short paper in early March 2020 on China's reaction to the spread of novel coronavirus infections, but circumstances have since progressed to a new stage. A pandemic of historic proportions has broken out, and the spread of infections has been relentless even in the Western countries that initially looked upon China coolly. The numbers of infections and deaths in the US in particular have significantly surpassed those in China, making the US the most infected country in the world. At the same time, China continues to contain the spread of infections, and appears to be moving toward resuming economic activities. Nevertheless, there are numerous issues that still need to be addressed. This paper will briefly examine the novel coronavirus situation in China since March.
  • Topic: Politics, Economy, COVID-19
  • Political Geography: China, Asia, United States of America
  • 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
  • Author: Victor Logatskiy
  • Publication Date: 09-2020
  • Content Type: Commentary and Analysis
  • Institution: Razumkov Centre
  • Abstract: The assessment of changes in gas prices by major market segments of Ukrainian gas market over the past year, compared with import prices, showed the approximation of wholesale gas prices in regulated and unregulated market segments, as well as gas supply prices for imports. This not only means that the unification of rules made the Ukrainian market interesting and open for imported gas, but also confirms that the wholesale market, thanks to foreign supplies, has achieved better competition between gas suppliers for industrial consumers. Therefore, import parity has already become the main driver for setting the market price in all segments, including the regulated market (diagram).
  • Topic: Markets, Gas, Economy
  • Political Geography: Ukraine, Eastern Europe
  • Author: Vasyl Yurchyshyn
  • Publication Date: 12-2020
  • Content Type: Commentary and Analysis
  • Institution: Razumkov Centre
  • Abstract: From the very beginning of its deployment, the crisis caused a significant ("synchronised") economic shock. The first measures to restrict the movement of people (both within the country and between countries due to the actual closure of borders), transport (including freight), closure of offices and businesses (followed with the loss of jobs) meant a sharp reduction in aggregate supply. The shock of supply immediately turned out to be a shock of demand, because the loss of work and "locking" people at home meant the loss of income, readiness for consumption, and purchasing power. The loss of employment in a very limited time affected significant and broad sections of the population, since the crisis immediately and simultaneously addressed and negatively affected almost all spheres of human activity.
  • Topic: Economy, Crisis Management, COVID-19
  • Political Geography: Ukraine, Eastern Europe