Economics & Business Archive

October has been a busy month in the field of sustainable finance. China, the world’s largest bilateral creditor, hosted the Conference of the Parties to the Convention on Biological Diversity; public development banks recommitted to aligning their practices with the Paris Agreement at the Finance in Common Summit; and the United Nations Conference on Trade and Development and the World Economic Forum jointly launched a Global Alliance for Sustainable Investment.  This weekend, leaders from the G-20 countries will meet in Rome and renew their commitment to climate finance. And next month, the world’s governments will meet in Glasgow for the […]

A new agreement negotiated under the auspices of the G-20 and the Organization for Economic Cooperation and Development aims to crack down on tax havens by subjecting the world’s largest and most profitable multinational corporations to a minimum corporate tax rate of 15 percent. The deal has been agreed by 136 countries and jurisdictions, collectively representing more than 90 percent of the global economy. The OECD is hoping it will become effective by 2023. Many economists and commentators argue that such a deal is long overdue, given the ability of many gigantic corporations to avoid paying taxes on all or […]

Editor’s Note: This is the web version of our subscriber-only weekly newsletter, China Note, which includes a look at the week’s top stories and best reads from and about China. Subscribe to receive it by email every Wednesday. If you’re already a subscriber, adjust your newsletter settings to receive it directly to your email inbox. Beginning Sunday, Oct. 31, world leaders will gather in Glasgow, Scotland, for two weeks to unveil new commitments to tackle global warming and climate change. But after weeks of guessing games, it looks like Chinese President Xi Jinping—the leader of the world’s largest emitter of […]

Last week, Turkish President Recep Tayyip Erdogan touched down in Luanda, Angola, for the first leg of a four-day, three-nation diplomatic tour of Africa. After meeting with Angolan President Joao Lourenco, the Turkish leader continued on to West Africa, where he met with his Togolese counterpart, Faure Gnassingbe, before concluding his trip in Nigeria with a bilateral meeting with President Muhammadu Buhari. Throughout the tour, Erdogan—who has now visited nearly 30 African countries—highlighted the importance of cooperation between Turkey and Africa, and emphasized the prospects for increased partnerships. He also signed a swathe of bilateral agreements, including one for the […]

The slow pace of carbon emissions reductions and the increasingly obvious, devastating consequences of climate change make it imperative for the world’s governments to develop a broad portfolio of strategies to manage climate risk. That portfolio currently includes three main strategies, all of which will be discussed at the upcoming United Nations Climate Change Conference in Glasgow: mitigation of the causes of climate change, via emissions cuts; adaptation to its effects; and carbon dioxide removal, via both nature-based solutions and negative-emissions technologies.  Given the quickening pace and growing magnitude of the climate emergency, however, the world must also consider the feasibility and wisdom of adding a fourth arrow to […]

In remarks earlier this month that laid out her approach to negotiations with Beijing, U.S. Trade Representative Katherine Tai said she intended to have “frank conversations” with her Chinese counterpart, but that “our objective is not to inflame trade tensions with China.” Tai went on to outline how the U.S. can sustain what she called “durable coexistence” with Beijing. This week on the Trend Lines podcast, Ali Wyne, a senior analyst at the Eurasia Group, joined WPR’s Elliot Waldman to unpack the Biden administration’s approach to trade talks with Beijing, and what it says about the broader state of play […]

Editor’s Note: This is the web version of our subscriber-only Weekly Wrap-Up newsletter, which gives a rundown of the week’s top stories on WPR. Subscribe to receive it by email every Saturday. If you’re already a subscriber,  adjust your newsletter settings to receive it directly to your email inbox. Last month, the surprise announcement by the U.S., U.K. and Australia of their trilateral AUKUS security partnership sent shockwaves across the Indo-Pacific and put China on notice that Washington was adding some bite to its “pivot to Asia.” This week, the shoe was on the other foot, as news broke that China reportedly […]

U.S. Sen. Joe Manchin is not well-loved among Democrats in Washington these days, but for champions of a greener world economy, he is someone who needs to be understood. In fact, for anyone looking to forecast the outcomes of the upcoming United Nations Climate Change Conference in Glasgow, all you need to do is track Manchin’s moves and those of his political counterparts in the world’s top coal-producing democracies to understand the new politics of the green transition and energy nationalism.  At the moment, Manchin, a Democrat who represents the coal-producing state of West Virginia, is the main obstacle to a grinding push by […]

Earlier this month, senior U.S. and Chinese trade negotiators held a virtual round of talks to discuss concerns over the state of bilateral commercial ties. The meeting came after U.S. Trade Representative Katherine Tai said in public remarks that she would seek “frank conversations” with her Chinese counterpart “that will include discussion over China’s performance under the phase-one agreement,” which was negotiated under former President Donald Trump. The Chinese side said it pressed Tai to cancel the tariffs that were imposed by Trump and which so far remain in effect under President Joe Biden. The dynamic around these talks says a […]

About a year ago, the South Korean pop band BTS got caught up in a low-grade, somewhat baffling international scandal. During a speech accepting an award for improving relations between South Korea and the U.S., the band’s leader Kim Namjoon, better known as RM, referenced the “history of pain shared by the two nations,” which fought together during the Korean War. It should have been a fairly benign statement, but it sparked a furor in China, where state media outlets fiercely condemned the band for failing to acknowledge Chinese casualties in the war and thereby betraying a “totally one-sided attitude […]

Editor’s Note: This is the web version of our subscriber-only weekly newsletter, China Note, which includes a look at the week’s top stories and best reads from and about China. Subscribe to receive it by email every Wednesday. If you’re already a subscriber, adjust your newsletter settings to receive it directly to your email inbox. GDP data released Monday by China’s National Bureau of Statistics confirmed that the country’s economic recovery from the impact of the coronavirus pandemic is losing steam. The Chinese economy grew by just 4.9 percent in the third quarter of 2021, compared with the same quarter last year. Although some […]

Much of the recent policy debate over virtual currencies has been alarmist, with commentators going so far as to call for banning all cryptocurrencies or warning that U.S. efforts to develop digital dollars would wreck the banking system. The conversation around central bank digital currencies, or CBDCs, illustrates the point.  Whereas cryptocurrencies like Bitcoin are decentralized, CBDCs are issued and managed by a nation’s monetary authority. The idea has taken off around the world in recent years, largely in response to the rapid pace of digital innovation and to frictions within the existing financial system. Over 80 countries are in some […]

Editor’s note: This is Emily Taylor’s final weekly column. We’d like to thank her for her engaging and compelling coverage of tech issues over the past seven months, and we’re thrilled that she will continue to be a regular WPR contributor. The world premiere of Ludwig van Beethoven’s Symphony No. 10, or Beethoven X, which was completed by artificial intelligence, came and went earlier this month with barely a ripple. At a technical level, the achievement is extraordinary, and the music that resulted from it is not bad. It even sounds a bit Beethovenish. Yet it left this listener rather cold. […]

Four years ago, at a Track II dialogue between German and American diplomats and analysts, a German colleague of mine explained his firm belief that his country—and, by extension, Europe as a whole—could use geoeconomic tools to regulate and blunt Russia’s geopolitical ambitions. Europe’s need for natural gas, he said, was balanced by Russia’s need to sell. A European strategy of energy diversification would therefore give the West leverage over Moscow, which would not want to risk its access to European markets by making bold political plays. The plan was for European governments to encourage gas utilities to shift from […]

When the leaders of the G-20’s member states convene for their Oct. 30-31 summit in Rome, there will be no time for fiddling. The planet is on fire. The pandemic smolders on. And the global recovery is faltering. The G-20 was created for just such a moment and just such challenges. To meet them, the assembled heads of governments must make credible commitments to accelerate decarbonization, expand vaccine access and alleviate developing nations’ crushing burden of debt.  The G-20 was born out of crisis—or crises, to be exact. It first emerged in 1999 as an informal network of finance ministers […]

Editor’s Note: This is the web version of our subscriber-only weekly newsletter, Africa Watch, which includes a look at the week’s top stories and best reads from and about the African continent. Subscribe to receive it by email every Friday. If you’re already a subscriber, adjust your newsletter settings to receive it directly to your email inbox. For the first time since the inaugural event in 1973, the Franco-Africa Summit—rebranded as the New Africa-France Summit, or as some referred to it on Twitter and other social media platforms, #AfricaFranceRemix—did not feature a single African head of state or government, or ministerial delegation. Instead, the […]

On Sunday, for the fifth time since the U.S. invasion that ousted Saddam Hussein in 2003, Iraqis voted in elections. Initial results suggest that the big winner was nationalist cleric Muqtada al-Sadr, whose political formation once again emerged with the most seats in parliament. Parties aligned with pro-Iranian militias were the big losers, seeing their vote totals plummet. But with turnout at a record low 41 percent of registered voters, the election is being seen as an expression of Iraqis’ disillusionment with the state of the country’s electoral politics. The elections were the culmination of a political process triggered by […]