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United Nations’ Economists call on Asia Pacific Economies, especially Targeting widening Income and Wealth Inequalities

Economists with the Economic and Social Commission for Asia and the Pacific (UNESCAP) said regional governments need to address growing income inequalities

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Asia
Jitendra Prasad takes money for bananas sold to an autorickshaw driver near Azadpur Mandi, Asia's largest wholesale market for fruits and vegetables in New Delhi, India, Nov. 22, 2016. India has slightly trimmed its economic outlook for 2016. VOA

Bangkok, Dec 15, 2016: United Nations’ economists are calling on Asia-Pacific economies to move ahead with reforms, especially targeting widening income and wealth inequalities despite decades of economic growth.

Economists with the Economic and Social Commission for Asia and the Pacific (UNESCAP) said regional governments need to address growing income inequalities, which have increased markedly since the 1990s.

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Income inequalities are a problem

Hamza Ali Malik, a UNESCAP macroeconomic policy economist, said income inequalities have risen by 30 percent in the past three decades.

“This is a significantly sharp increase,” Ali Malik said. “Same was the case with the wealth indicators. The top 1 percent account for more than half the total household wealth in these economies: India, Indonesia, Russia and Thailand. That is fairly high. It sets up a role for stronger fiscal policies, for redistribution purposes.”

Higher taxes are one solution

He said the key lies in policy reforms, such as taxation, especially raising the low levels of personal income tax “through income redistribution to play a role in mitigating these inequalities.”

The concerns come against the backdrop of a sound regional economic outlook despite global uncertainties, according to UNESCAP and the Asia Development Bank (ADB).

Asia Pacific still has potential for growth

UNESCAP Executive Secretary Shamshad Akhtar said the Asia-Pacific remains a key center for global economic growth.

Akhtar said resilient domestic demand and government policy support had led to regional developing economies “growing at a steady pace of 4.9 percent” in 2016.

“Despite a sluggish global economy and weak trade growth, in fact the Asia Pacific region continues to outperform the rest of the world and has arguably been an anchor of stability for the struggling global economy,” Akhtar said.

The outlook for 2017 remained “broadly positive,” with stronger growth elsewhere in Asia offsetting a slowing in China as it rebalances toward domestic growth, she said.

Problem areas

But the UNESCAP report said commodity exporters, such as Mongolia, Kazakhstan, and the Russian Federation were continuing to face “economic and fiscal adjustment” because of the lower energy prices in recent years.

A positive sign lay in Russia’s economy, which after two years of contraction, is stabilizing and is forecast to report a 1 percent growth rate in 2017 according to independent economists.

The ADB, in a separate release, was also positive about the region’s outlook.

“Asian economies continue their robust expansion in the face of global economic uncertainties,” said ADB’s deputy chief economist, Juzhong Zhuang.

Stability in the economy found across Asia

The ADB said economic growth in developing parts of Asia remained broadly stable although a slight slowdown in India had trimmed the outlook for 2016.

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“Structural reforms to boost productivity, improve investment climate and support domestic demand can help maintain growth momentum into the future,” Juzhong said.

Globally, the ADB was also positive.

“Robust consumer spending supported the U.S. economy, with supportive monetary policy and improved labor markets fueling growth in the euro [currency] area,” the ADB said in an outlook report.

Strength in Japan

Japan’s economic expansion was buoyed by strong exports despite a stronger local currency, it added.

But UNESCAP also pointed to uncertainties coming as the U.S. central bank, the Federal Reserve, moved to raise U.S. interest rates by 0.25 percentage points to a range between 0.50 and 0.75 percent, only the second such move since the 2008 financial crisis.

Areas of concern

Independent analysts say the U.S. rate increase may create issues for China’s economy as Chinese investors seek to move funds out of the country to the U.S. market.

UNESCAP’s Akhtar said for Asia, other concerns lay in the impact on the Euro zone from negotiations over Britain leaving the European Union, the so-called Brexit.

Another area still to be clarified lay in the policies under the new administration of President-elect Donald Trump.

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Economists say there are also concerns over a trend towards rising trade protectionism affecting investment, a major driver of domestic growth. Overall investment had failed to pick up as a whole despite easing financial conditions. (VOA)

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What is the Future of US-India Relations? Here’s the Answer

The US presidential elections and future of India-US relations

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India USA
Given the love fests of Prime Minister Narendra Modi's 'Howdy Modi' event in Houston, Texas, in which Trump participated in September of 2019, and Trump's 'Namaste Trump' event hosted by Modi in India in February of this year, it might be assumed that the future for US-India relations is a splendid one. Wikimedia Commons

BY FRANK F. ISLAM

As the coronavirus pandemic dominates global news in the United States, progress toward the next presidential election scheduled to be held on November 3 moves slowly forward. President Donald Trump had no real opposition in the Republican party and is running for re-election. And it has now become apparent that former Vice President Joe Biden will be his opponent as the Democratic candidate for president.

What would a Trump victory bode for the future of US-India relations? What would a Biden victory bode? Let me answer each of those questions in turn.

Given the love fests of Prime Minister Narendra Modi’s ‘Howdy Modi’ event in Houston, Texas, in which Trump participated in September of 2019, and Trump’s ‘Namaste Trump’ event hosted by Modi in India in February of this year, it might be assumed that the future for US-India relations is a splendid one. This would be an incorrect assumption.

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Both of these events were more symbolic than substantive. Trump’s participation in them undoubtedly helped to persuade some — perhaps many — Indian American Modi supporters who voted for Hillary Clinton in 2016 to cast their ballots for Trump in 2020. Trump’s campaign team took steps to ensure this by holding an event at his Mar-a-Lago resort in which a group of prominent Indian Americans announced their plans to work for his re-election and to mobilize Indian Americans on his behalf.

India USA
It is essential that India and the US develop a strategic relationship that enables them to become those indispensable partners. Wikimedia Commons

To understand the future potential of India’s relations with the US. with Trump as president, however, it is necessary to look beyond these political moves and to examine the present state of those relations and Trump’s personal style.

In a word, the best way to characterize the current relations between the US and India is “functional”. The relationship was relatively good for the first two years of Trump’s presidency. In fact, near the end of 2018, Alice Wells, the Acting Assistant Secretary of State for South and Central Asia, was quoted in the media s saying: “This has been a landmark year for US-India ties as we build out stronger relationships across the board.”

Then, in 2019, the relations went off the track in the first half of the year after the US and India got into a tit-for-tat tariff war after the US terminated India’s Generalized System of Preferences which allowed India to send certain goods to the US duty-free. There have been continuing efforts to structure a “modest” trade deal since then. It was thought there might be some type of deal done in September of 2019 while Modi was in the US by year’s end, and then during Trump’s India visit. But, as of today, there is still no deal.

This inability to get any meaningful trade agreement in place speaks volumes about India’s potential future relations with India with Trump as president. So, too does Trump’s style.

Trump’s campaign slogans this time around are “Keep America Great” and “Promises Made, Promises Kept.” Trump is not a policy wonk and most of his effort will go toward “America First”. This involves making the US more isolated by withdrawing from international agreements, restructuring trade agreements, emphasizing building walls to stop immigrants at the border, using tariffs to block trade with countries who are taking away American jobs, and confronting businesses who are allegedlly stealing American trade secrets.

This perspective suggests what India can expect for its relations with the US if it has to deal with Trump for a second term as president. The relations will stay functional at best. As I have said before, that’s because the words partnership, cooperation and collaboration are not in Trump’s vocabulary. Nationalism, isolationism and protectionism are.

Joe Biden stands in stark contrast to President Trump both professionally and personally. Biden is a strategic thinker and doer with a solid eight-year track record of leadership experience as Vice-President in forging alliances that have made a difference around the world and he has also been a long-standing friend of India.

India USA
To understand the future potential of India’s relations with the US. with Trump as president, however, it is necessary to look beyond these political moves and to examine the present state of those relations and Trump’s personal style. Wikimedia Commons

He was chairman of the Senate Foreign Relations Committee and a leading advocate for the Congressional passage of the Indo-US civic nuclear deal in 2005. At a dinner convened 10 years later in 2015 by the Confederation of Indian Industry and the Carnegie Endowment for International Peace, Vice President Biden discussed the tremendous joint progress that had been made by the two countries in the past and declared “We are on the cusp of a sea change decade.”

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Early in his campaign for the Democratic nomination for president in July of 2019, in laying out his foreign policy vision, Biden stated that the US had to reach out to India and other Asian partners to strengthen ties with them. The items on Biden’s foreign policy agenda for strengthening which are of importance for India include climate change, nuclear proliferation and cyberwarfare.

During his vice presidency, Biden worked side by side with President Barack Obama to do things that would contribute to achieving Obama’s vision stated in 2010 of India and America being “indispensable partners in meeting the challenges of our time.” In 2020, those challenges are even greater than they were a decade ago.

That is why it is so essential that India and the US develop a strategic relationship that enables them to become those indispensable partners. That can happen if Biden assumes the presidency on January 20, 2021. It cannot happen if Donald Trump remains as president for a second term.

Also Read- Apple to Display COVID-19 Testing Sites on Maps

The results of this upcoming election in the US matter greatly for the future of the United States. They matter greatly for the future of India-US relations as well. Time and the American electorate will tell what that future will be. (IANS)

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Social Distancing and Lockdown are The Strongest Vaccine: Health Minister Harsh Vardhan

Bennett University organized an International Conference on COVID-19: Fallout and Future

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Health conference
"We do not anticipate the worst kind of situation in India like other developed countries, but still we have prepared the whole country for the worst situation," said Vardhan. Wikimedia Commons

By Kanan Parmar

Health Minister Dr. Harsh Vardhan emphasised on Social Distancing saying, “Social Distancing and lockdown are the strongest vaccine against COVID-19 at the moment,” during an International Conference on COVID-19: Fallout and Future.

Dr. Harsh Vardhan addressed the International Conference on COVID-19: Fallout and Future organized by Bennett University on April 9, 2020.

Dr. Vardhan spoke about how India has taken all the necessary steps to prevent coronavirus in India and also gives the latest updates on COVID-19 news.

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The minister said that more than a lakh people were trained and educated about the COVID-19 pandemic. These included aviation crew, airport staff, healthcare professionals, etc.  Over 2,500 Indians have been evacuated from various countries. There have been dedicated ICU beds and ventilators for COVID-19 patients.

The health minister highlighted that the even bigger challenge than containing COVID-19 is to stop the spread of misinformation. The minister said, “Anyone who wants authentic information about coronavirus should go through the website of Ministry of Health and Welfare to obtain information.”

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The Health Minister advises that N95 masks are to be used only by healthcare professionals. Pixabay

He also thanked healthcare professionals saying, “I would like to thank all the COVID-19 warriors to fight this war against coronavirus.”

The health minister advises that N95 and surgical masks aren’t to be worn by all citizens but only medical staff due to the shortage. The basic necessity is to cover your mouth using any cloth or cotton mask which can also be homemade.

Talking about the positive aspects, Health Minster Dr. Harsh Vardhan said, “COVID-19 is a blessing in disguise. Most of the medical equipments used to be imported but now with the help of Ministry of Textiles, we have found manufactures in India.”

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“We are in constant touch with the World Health Organization and the WHO has appreciated the efforts taken by the Government of India and Ministry of Health to contain coronavirus,” said Dr. Vardhan.

Many other professionals were present in the conference. These include. Dr. David Nabarro, the special envoy for WHO, Mr. Arvind Virmani, an economic advisor, Mr. Subash Chandra Garg, the former finance secretary of India,Gurcharan Das, Prof. Wenjuan ZhangProf. Beatrice GallelliEoghan SweeneyIrene Jay Liu, a data journalist, Prof. Rasmus Nielsen, Prof. Ashish Kumar Jha and many more.

Other presenters talked about the economic, social and political impacts of the pandemic.

Health conference
Dr. David Nabarro is an international civil servant and diplomat.

Dr. David Nabarro, the special envoy for the World Health Organization said that all the information given by WHO is based on researches done by scientists and doctors.

Health conference
Mr. Gurcharan is an Indian author.

Gurcharan Das, an Indian author said, “Biggest failure of the government is not testing enough.” He also said that the Modi government is in a ‘Dharam sankat’ and faced a challenge on whether to lift the lockdown or not.

Health conference
Mr. Subhash Chandra Garg has served as the Economic Affairs Secretary and Finance Secretary of India.

Mr. Subhash Chandra Garg, the former finance secretary of India believes that there should be a partial lockdown in India.

Also Read- Prime Minister Narendra Modi Urges Citizens to Help Financially Poor People

Ms. Beatrice Gallelli tells us about what went wrong in Italy and also talks about the North-South equality in Italy which lead to the increase in coronavirus cases.

Eoghan Sweeney talks about the spread of misinformation during the times of an epidemic or pandemic.

 

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Find out How Coronavirus Pandemic Has Disrupted Global Food Supplies

Explainer: How Coronavirus Crisis Is Affecting Food Supply

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coronavirus
People wait in line to buy food amid concerns about the spread of the coronavirus disease (COVID-19), in downtown Havana, Cuba. VOA

The coronavirus pandemic has disrupted global food supplies and is causing labor shortages in agriculture worldwide. This is the latest health news.

Are there food shortages?

Panic buying by shoppers cleared supermarket shelves of staples such as pasta and flour as populations worldwide prepared for lockdowns.

Meat and dairy producers as well as fruit and vegetable farmers struggled to shift supplies from restaurants to grocery stores, creating the perception of shortages for consumers.

Retailers and authorities say there are no underlying shortages and supplies of most products have been or will be replenished. Bakery and pasta firms in Europe and North America have increased production.

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Food firms say panic purchasing is subsiding as households have stocked up and are adjusting to lockdown routines.

coronavirus
Agricultural workers clean carrot crops of weeds amid an outbreak of the coronavirus disease (COVID-19) at a farm near Arvin, California, U.S. VOA

The logistics to get food from the field to the plate, however, are being increasingly affected and point to longer-term problems.

In the short term, lack of air freight and trucker shortages are disrupting deliveries of fresh food.

In the long term, lack of labor is affecting planting and harvesting and could cause shortages and rising prices for staple crops in a throwback to the food crises that shook developing nations a decade ago.

What’s disrupting the food supply?

With many planes grounded and shipping containers hard to find after the initial coronavirus crisis in China, shipments of vegetables from Africa to Europe or fruit from South America to the United States are being disrupted.

A labor shortage could also cause crops to rot in the fields.

As spring starts in Europe, farms are rushing to find enough workers to pick strawberries and asparagus, after border closures prevented the usual flow of foreign laborers. France has called on its own citizens to help offset an estimated shortfall of 200,000 workers.

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More wide-scale crop losses are looming in India, where a lockdown has sent masses of workers home, leaving farms and markets short of hands as staple crops like wheat near harvest.

Is food going to cost more?

Wheat futures surged in March to two-month highs, partly because of the spike in demand for bakery and pasta goods, while corn (maize) sank to a 3½-year low as its extensive use in biofuel exposed it to an oil price collapse.

Benchmark Thai white rice prices have already hit their highest level in eight years.

Swings in commodity markets are not necessarily passed on in prices of grocery goods, as food firms typically buy raw materials in advance. A sustained rise in prices will, however, eventually be passed on to consumers.

coronavirus
A farmer feeds iceberg lettuce to his buffalo during a 21-day nationwide lockdown to slow the spread of coronavirus disease (COVID-19), at Bhuinj village in Satara district in the western state of Maharashtra, India. VOA

Some poorer countries subsidize food to keep prices stable.

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The U.N. Food and Agriculture Organization has warned that a rush to buy by countries that rely on imports of staple foods could fuel global food inflation, despite ample reserves of staple crops.

Fresh produce such as fruit or fish or unprocessed grains such as rice reflect more immediately changes in supply and demand.

Will there be enough food if the crisis lasts?

Analysts say global supplies of the most widely consumed food crops are adequate. Wheat production is projected to be at record levels in the year ahead.

Also Read- Every Hospital in US May Treat COVID-19 Patients: Health Human Service Agency

However, the concentration of exportable supply of some food commodities in a small number of countries and export restrictions by big suppliers concerned about having enough supply at home can make world supply more fragile than headline figures suggest.

Another source of tension in global food supply could be China. There are signs the country is scooping up foreign agricultural supplies as it emerges from its coronavirus shutdown and rebuilds its massive pork industry after a devastating pig disease epidemic. (VOA)