Skip to main content

World economy looks gloomy: World Bank and IMF


The conclusion of the recent meeting between International Monetary Fund and World Bank painted a gloomy picture of the world economy. The feeling of shock was quite apparent throughout without any trace of optimism. 

Ineffective world governance, especially among developed countries, could be one of the reasons for failures. US economic conditions keep forcing Federal Reserve to hike up rates causing US dollar to rise above expected levels. Other economies walk on the footsteps of their big brothers, lest their currency may crash. 

Some of the middle-to-lower income nations, are buried under heavy loans, unable to clear their debts. Can IMF and World Bank rescue the world from such crisis, if they had more power and resources? Will the "Superpowers" pay heed to what is being expected from them, or will they continue with their rhythm on which their existence depends? 

Geopolitical  issues are taking a brisk walk, with US warning OPEC for cutting oil production, while choking the supply of semiconductors to China. War between Russia and Ukraine has further divided the whole world. 

There is no one factor that can be singled out as a main reason for doomsday. Banks and governments should have learnt some serious lessons from the past crises such as avoidable wars that could not be avoided, economic meltdowns like one in 2008, and many unprecedented natural calamities in the past.  

Interdependence was designed to help each, but is now being used against each other. The powerful nations are taking pride in their ability to stop supplies of essential resources, required for survival and business continuity. The result is a weak and ailing global economy.

Western world is stubborn as hell to sabotage Russia through its sanctions, even at the cost of its citizens survival. There is a tug of war between what to grab and what to sell. The arms industry is taking a different shape now, as the leaders of this trade are oscillating between making more profits and proving their power over others.  

There are two wars going on simultaneously - one, among nations for supremacy and two, between humans and the climate. No one knows, who will win.

With ever growing inflation and rising prices of oil, gas and other commodities and without any immediate solution for a permanent fix, what is the chance of revival? 

Globalization seems to be shrinking in these turbulent times, while still hoping to survive, no matter how brutal the fight. Will the bubble of world guardianship assumed by "Big Bros" burst soon leaving the world in a dire need of New World Order?

इस कहानी को हिंदी में पढ़ें

Watch video: 


Labels:

Comments

Post a Comment

Popular posts from this blog

Uttarkashi Tunnel Rescue – A Story of Human Value

Life begins in a closed chamber-like place called womb, but the one being nurtured and prepared to be brought into this world is not conscious of its existence or rather not aware of a world which is full of light. What about those who are trapped in a similar condition, but are fully aware of the world outside? Would it not be suffocating to live in a dark place with little hope to see the bright life they were used to just a few days ago? Uttarkashi tunnel that collapsed and trapped 41 workers is such a story, a reminder that how fortunate and privileged we are for all that the mother nature has given us. And yet, rather than being grateful, we take these gifts for granted as if they don’t matter! The Indian government took every measure to rescue 41 workers trapped inside the Silkyara-Barkot tunnel in Uttarkashi and finally the operation that lasted over 400 hours was successful. The rescue operation was performed by seven government agencies including PM’s office, National Disaster
Post a Comment
Read more

Gables – a paradise for Goan style food lovers in Mumbai

Mumbai is famous for so many things, but ask Mumbaikars what they love the most about the metropolis. Most of them will tell you that no other place in the country can beat Mumbai when it comes to food. The large variety offered and the high quality maintained even by the streetside outlets in this financial capital of India are the key variables why every food lover feels satisfied and nobody complains about food here. There are many famous restaurants that the city boasts about, and one of them is Gables, set up in 1956 by Joseph “Gable” Fernandes. It is located at the famous Colaba Causeway. Gables offers a variety of Goan dishes including Goan Sausage Pulao, Goan Sausage Chilly Fry, Sorpotel & Sannas, Pork Vindalo, Chaoris Pao, just to name a few of many options. Besides, it also has a variety of intercontinental dishes available. When it comes to desserts, it offers authentic Bebinca, which is considered “The Queen of Goan Desserts.”  There are two options – home-made round
Post a Comment
Read more

Canada – safe haven for criminals & terrorists

When a country deliberately spoils its relations with another, it also turns a blind eye to wrongdoers taking advantage of the situation. Canada, under the leadership of PM Justin Trudeau, has been burning its bridges by constantly targeting India, when the entire world sees the latter as a peace-loving nation with great business opportunities. PM Trudeau has constantly made baseless remarks against India on different issues including wrong allegations stating Indian government’s involvement in the killing of Hardeep Singh Nijjar, a pro-Khalistani. With increasing crime rate, Canada is slowly becoming a breeding ground for terrorist groups, gangs and local criminals. India released a long list of individuals, suspected to have links with gangs operating out of Canada, and also offered a dossier. However, Canada ignored all of these without any action as the country was busy maligning India’s global reputation. Canada has openly supported Khalistan movement by showing its support to
Post a Comment
Read more