Though globalization is increasing labor market integration and income inequality, policymakers should help workers adjust to a changing world rather than erecting protectionist measures.Read more ►
Six months ago, economists outlined several scenarios that could slow the global recovery. With financial turmoil spreading from Europe to both advanced and developing countries, these forecasts appear to be coming true.
Contingent on the global economy’s resilience, economic trends in Latin America appear favorable. In the medium-term, however, a number of structural challenges persist.
With recent financial headlines echoing those just before the bankruptcy of Lehman Brothers, European and U.S. policymakers must take urgent steps to reduce risk and prepare for bad times ahead.
With the global economy on unstable ground and little economic space remaining for additional policy support, world leaders must focus on preventing a catastrophe in Europe.
The political turmoil in Russia, though not directly affecting the economic landscape, could expose vulnerabilities in the Russian economy if nervous foreign investors continue to retreat.
The United States must take urgent steps to help Europe resolve its debt crisis, while simultaneously preparing for the worst—the collapse of the both the euro and global financial system.
The global auto industry reached an important turning point in 2009 when China eclipsed the United States as the world’s biggest car market. According to Scotiabank, 2012 marked another milestone: for the first time on record, car sales in developing economies will exceed that in advanced economies. Car sales in developing economies will reach 31 million units this year, accounting for more than 50 percent of global car sales, up from less than 20 percent a decade ago. Given the very low car penetration rate in most developing economies—according to the World Bank, China had 27 passenger cars per 1000 people in 2008, compared to 451 in the United States—developing economies’ share of the world car market is likely to continue to grow.
The global auto industry reached an important turning point in 2009 when China eclipsed the United States as the world’s biggest car market. According to Scotiabank, 2012 marked another milestone: for the first time on record, car sales in developing economies will exceed that in advanced economies. Car sales in developing economies will reach 31 million units this year, accounting for more than 50 percent of global car sales, up from less than 20 percent a decade ago. Given the very low car penetration rate in most developing economies—according to the World Bank, China had 27 passenger cars per 1000 people in 2008, compared to 451 in the United States—developing economies’ share of the world car market is likely to continue to grow.
Uri Dadush and William Shaw write in their new book that the rise of emerging economies over the next four decades will likely enhance prosperity but also create great tensions that could slow the process or even stop it in its tracks.
The Carnegie International Economics Program (IEP) monitors and analyzes short- and long-term trends in the global economy, including macroeconomic developments, trade, commodities, and capital flows, and draws out policy implications.
Uri Dadush, Editor
Zaahira Wyne, Managing Editor
Drawing on the unique expertise of Carnegie’s global centers and area specialists, the International Economic Bulletin provides a candid assessment of international economic conditions and their political implications.
Absent a good education environment, there is little room for the Arab world’s youth to turn into responsible citizens who can consolidate and stimulate social transformation to bring about more prosperous and free societies.
China’s traditional diplomacy is at a crossroads as it adjusts to the new global order. The financial crises, climate change, and regional instability have propelled China into a new global role and in turn, a new era of diplomacy.
The obvious and often painful mismatch between aspiration and reality in European foreign policy has plagued discourse on European integration during the last decade.
While the project of “grand Eurasian alliance” between Russia and China currently appears unworkable, the Sino-Russian strategic partnership is a major boon for both countries and acts as one of the pillars of peace and stability in Asia.
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