Economics & Business Archive

According to the latest poll, released Wednesday, on the British referendum on European Union membership, 45 percent of Britons are in favor of remaining in the EU, while 38 percent are in favor of leaving. While the “remain” camp maintains a significant lead, support for the so-called Brexit is growing, with the “leave” campaign gaining 2 percent in the past month. In Scotland, the story is different. According to the same poll, over 56 percent of Scots want to remain in the EU. Pro-EU sentiment in Scotland has been consistent over the past eight months, with some polls putting support […]

South Korea’s ruling conservative Saenuri Party is looking for answers after a crushing loss earlier this month in legislative elections. Led by President Park Geun-hye, the Saenuri Party managed to win only 122 of the National Assembly’s 300 seats, falling far short of the majority that many predicted. The opposition fared well, with the liberal Minjoo Party winning 123 seats and the left-wing People’s Party winning 38 seats. The National Assembly is now effectively deadlocked, with opposition parties controlling Park’s ability to pass legislation. Her party’s loss is a stunning reversal and will reshape the political landscape in South Korea […]

Two years ago, the Egyptian people spared no adjective in praise of their savior, Abdel-Fattah el-Sisi, who in turn framed his lightning-fast rise to power as an expression of the people’s will. When he was named defense minister in 2012 by Mohammed Morsi, the Muslim Brotherhood leader elected Egypt’s president that year, el-Sisi vowed to keep the military out of politics. But the general, with strong popular support, eventually overthrew Morsi in 2013. He then retired his military post and announced he was running for president, winning in a landslide the following year. But now the honeymoon is over. The […]

For most of 2015, it looked as though Nguyen Tan Dung, Vietnam’s prime minister since 2006, would succeed in his audacious bid to succeed Nguyen Phu Trong as the head of the Communist Party of Vietnam (CPV). In the end, however, he was outmaneuvered in skirmishes over party rules, and undone by a whispering campaign that painted him as a dangerous opportunist. The contest was over even before the party’s 12th Congress convened on Jan. 21, 2016. Contrary to the dominant narrative in international media coverage, the showdown in Hanoi had very little to do with how to handle ties […]

The Seventh Congress of the Communist Party of Cuba ended Tuesday, April 19 with First Secretary Raul Castro declaring that the “principal tasks” of the party going forward are “the development of the national economy, along with the struggle for peace and ideological firmness.” That neatly summed up the major themes discussed by the 1,000 delegates during the previous three days, and the challenges the party faces on all three fronts as it manages normalizing ties with the United States and opening up its economy while preserving the state’s socialist identity. The economy was the main focus of the conclave, […]

Editor’s note: This article is part of an ongoing WPR series on the Trans-Pacific Partnership and the potential impact on members’ economies. After strong earthquakes in northern Japan over the weekend, the Diet, Japan’s parliament, decided to delay ratification of the Trans-Pacific Partnership (TPP) in order to focus on disaster relief and recovery. In an email interview, Yorizumi Watanabe, a professor in the faculty of policy management at Keio University, discussed the benefits and drawbacks of TPP membership for Japan. WPR: What are the expected economic benefits and potential downsides for Japan from the TPP, and who are the expected […]

When Brazil’s lower house voted Sunday in favor of launching impeachment proceedings to unseat President Dilma Rousseff, it loosened one more rock in what has recently seemed like an avalanche of disastrous news for Latin America’s left. There’s no question that the left, which in the not-very-distant past appeared unstoppable, has been on the receiving end of voters’ frustrations with all that ails the region. And yet, observers taking the measure of Latin American politics routinely overlook another part of the picture: Politicians of all stripes are getting battered, beaten and rejected by a restive public. Latin American voters are […]

Intellectual property: It sounds boring, but its protection has become one of the cornerstones of U.S. economic policy. And now, it may have an impact on how the Pentagon thinks about the future of technology. In recent years, the big push for international intellectual property protection came about through the concerted action of a group of powerful, well-connected American corporations. These corporations had determined that they could make a great deal of money—or at least stop the loss of a great deal of money—by putting crucial intellectual property protections into international law. Washington has embraced this idea, making intellectual property […]

Just two months ahead of a referendum on the so-called Brexit, the prospects of a British exit from the European Union have sent any number of economists back to their computers to weigh how it would affect the country’s economy. Most seem to think that exit is a bad idea—at least that is the conclusion reached by more than three-quarters of the 100-plus economists polled by the Financial Times. But the British public, as it prepares to vote, is hardly thinking about economics. Instead, matters of sovereignty and culture take precedence. The people want to protect the nation’s borders from […]

Last week, Nigerian President Muhammadu Buhari vowed to crush the “vandals and saboteurs” responsible for a growing number of attacks on oil pipelines in the economically vital but historically unstable Niger Delta. Buhari, however, has offered mixed signals to southern Nigeria: In January, he renewed an amnesty program for ex-militants, the same month that Nigerian authorities issued an arrest warrant for a former Delta militant leader on corruption charges. Attacks have been on the rise ever since, targeting the Escravos pipeline, Shell’s underwater Forcados pipeline and a pipeline operated by Italy’s ENI in Bayelsa state. Buhari’s carrot-and-stick approach to rising […]

Last month, Tanzanian authorities confiscated the passports of Kenyan officials who were in Tanzania with a team of Ugandan officials working on an analysis of proposed routes for a multibillion-dollar oil pipeline, denying them access to the port of Tanga. In an email interview, Jonathan Markham, an upstream analyst with GlobalData, discussed the dispute between Kenya and Tanzania over the proposed pipeline to export Ugandan oil. WPR: What are the proposed pipeline routes from Uganda, and what are the advantages and disadvantages of each route? Jonathan Markham: A range of possible pipeline routes to ports has been proposed, including Lamu […]

The recent publication of the so-called Panama Papers—a trove of 11 million leaked confidential documents from the Mossack Fonseca law firm in Panama City—and the earlier publication of what might be called the Offshore Papers—2.5 million documents linked to the Singapore-based Portcullis law firm and the British Virgin Islands-based Commonwealth Trust Ltd.—have revealed a large number of offshore shell companies owned or linked to individuals and companies in either China or Hong Kong. Although there are legitimate uses for such shell companies, their secretive nature, combined with reports of vast outflows of capital from China, create suspicions that these companies […]

In this week’s Trend Lines podcast, WPR’s editor-in-chief, Judah Grunstein, and host Peter Dörrie discuss domestic politics in Bangladesh; Iran and Saudi Arabia’s battle for influence in Africa; and the challenges facing the global middle class. For the Report, Prashanth Parameswaran joins us to talk about corruption and reform in the Philippines under President Benigno Aquino III and what lies ahead for the next administration after May elections. Listen:Download: MP3Subscribe: iTunes | RSS Relevant Articles on WPR: Opposition Leader Zia Latest Victim of Bangladesh’s Zero-Sum Politics Saudi Competition Gets in the Way of Iran’s Outreach in Africa Is the Global […]

Editor’s note: This article is part of an ongoing WPR series on the Trans-Pacific Partnership and the potential impact on members’ economies. WPR: What are the expected economic benefits and potential downsides for Brunei from the TPP? Joshua Kurlantzick: Brunei’s economy, heavily dependent on petroleum and petroleum products, needs to become more diversified over the next two to three decades. That is absolutely critical for Brunei to survive as a high-income country that offers extremely lavish benefits for its citizens. The low price of oil is already taking an enormous toll. The government may be implementing harsher versions of Shariah […]

Argentina is the new darling of Latin America. Just over four months into his term, President Mauricio Macri is taking every step to put the welcome mat out for the international community, and the United States in particular. The Obama administration has reciprocated in kind. It’s a new era, and the future is bright for the bilateral relationship, as well as for Macri’s domestic standing. Gone are the days of antagonistic relations. Now, U.S.-Argentine relations are being advanced on multiple fronts—from trade facilitation to climate change and global health. Even before Obama’s state visit in late March, Washington had already […]

The Philippines’ upcoming presidential election in May comes at a critical time for Southeast Asia’s second-most-populous country and fifth-largest economy. After decades of anemic growth rates, the Philippines seems to have begun to turn a corner over the past six years under reform-minded President Benigno Aquino III. Yet as Filipinos prepare to go to the polls, it is unclear if the next government will be able to both sustain the progress made thus far as well as confront challenges old and new in the political, economic and security realms. Breaking With the Past Although the Philippines has been a democracy […]

On Jan. 6, Djibouti announced it was severing relations with Iran inresponse to attacks on Saudi Arabia’s diplomatic missions in Tehran, following the execution of a prominent Shiite cleric by Saudi authorities. Shortly after, a joke appeared on Telegram, an instant messaging app popular among Iranians: “One good thing that the snapping of ties with Saudi Arabia taught me is geography. At least now I know where Djibouti is.” Although many Iranians have since dismissed the tiny Horn of Africa state as an inconsequential actor, it was not that long ago that Tehran sought to expand its engagement with small […]