Economics & Business Archive

Editor’s Note: Every Wednesday, WPR Newsletter and Engagement Editor Benjamin Wilhelm curates the week’s top news and expert analysis on China. China’s nearly half-century-long run of growth came to a screeching halt earlier this month, as data released by the Chinese government revealed that its once-booming economy shrank year-on-year during the first three months of 2020. It was one of the most remarkable signs of the destruction inflicted on the global economy during the COVID-19 pandemic: an end to an economic boom that had weathered calamities like the Asian financial crisis of the late 1990s, the SARS epidemic of 2003 […]

The relationship between the United States and China has waxed and waned over the years, but it has felt more like a roller coaster ride under President Donald Trump. China-bashing was a centerpiece of his election campaign, yet once in office, Trump hailed his first meeting with Chinese President Xi Jinping, at Trump’s Florida estate, Mar-a-Lago, saying they had “great chemistry.” More than two years later, after Trump had launched his damaging trade war with China and with no deal to resolve it in sight, Trump called Xi an enemy and “ordered” American firms to leave China. By January of […]

Despite growing signs of a dramatic and global economic downturn stemming from the coronavirus pandemic, the small South American country of Guyana appears poised for a period of spectacular economic growth. In its recent semiannual report on Latin America and the Caribbean, the World Bank forecasts a 4.6 percent contraction for the region’s economy in 2020, followed by an expansion of 2.6 percent in 2021. However, the World Bank sees Guyana’s economy skyrocketing by 51.7 percent in 2020, before leveling off to 8.7 percent in 2021. The reason for this very rosy outlook? In December, ExxonMobil began pumping oil from […]

Late on the night of April 20, President Donald Trump abruptly announced on Twitter that he would “temporarily suspend immigration to the United States” as the toll from the coronavirus pandemic continued to rise. Trump cast the decision as a response to COVID-19 and its economic devastation—“In light of the attack from the Invisible Enemy, as well as the need to protect the jobs of our GREAT American Citizens,” as he tweeted. The move, which caught his own administration off guard, elicited fevered commentary over his legal authority to do so, and its potential economic costs. After an outcry from […]

Editor’s Note: Every Friday, Andrew Green curates the top news and analysis from and about the African continent. Ghana this week became the first African nation to begin rolling back some of the restrictions it had put in place to help slow the spread of the coronavirus, as President Nana Akufo-Addo voiced concern about the economic toll of extending the lockdown further. As several African leaders prepare to follow suit, they will be watching closely to see if Akufo-Addo’s gamble pays off. Ghana only confirmed its first two COVID-19 infections in mid-March, but the number of cases rose quickly, spurring […]

The growing prevalence of facial recognition technology in authoritarian countries like Russia and the United Arab Emirates, which use it to monitor activists and suppress dissent, has raised increasing alarm among human rights advocates. Perhaps the most egregious example is in China, where the government has used facial recognition technology to racially profile Uighurs, a predominantly Muslim ethnic minority that is concentrated in Xinjiang province, and forcibly lock them up in internment camps. But authoritarian countries are not alone: This technology is now being harnessed for law enforcement and surveillance purposes in many democracies. Last month, for example, India’s government […]

As the global death toll from the coronavirus pandemic continues to mount, so does the economic wreckage. Millions more people are joining the already swollen ranks of the unemployed this week, and oil prices continued their historic rout. China’s GDP contracted for the first time in nearly half a century during the first three months of this year, and the International Monetary Fund predicts that the global economy will shrink by around 3 percent in 2020. Of course, governments and central banks around the world are doing whatever they can to contain the fallout. But will it be enough? For […]

MONTREAL—On Feb. 10, Karla Tait was arrested in northern British Columbia while participating in a ceremony along the path of a multi-billion-dollar pipeline project to honor missing and murdered indigenous women and girls. The Royal Canadian Mounted Police accused Tait and other members of the Wet’suwet’en Nation of violating an injunction preventing them from blocking construction on the Coastal GasLink pipeline. The project passes through an area where members of the Unist’ot’en clan, a sub-group of the Wet’suwet’en peoples, have set up a traditional healing center and camp to reclaim their ancestral lands and protest the pipeline’s construction. The road […]

President Donald Trump’s aggressive unilateralism on trade appears to be driven by his belief that making imported goods more expensive will lead multinational companies—foreign and domestic, but especially American—to relocate production facilities to the United States. There is nascent evidence that Trump’s trade war with China has caused some reshuffling of supply chains, but mainly to other parts of Asia, not to America. Now, though, some trade hawks in the administration appear to view the coronavirus pandemic as an opportunity to encourage firms to move their supply chains to the U.S., no matter the cost. The Trump administration is not […]

Throughout history, outbreaks of infectious disease have often been linked with illicit trade. A cholera outbreak in Mexico during the 1990s, for example, is believed to have originated with an infected person from South America who arrived on an illegal airstrip used for drug trafficking. The historian Julia Clancy-Smith writes that in mid-19th-century Tunisia, “contraband, quarantine, and cholera worked together.” And while the precise origin of the coronavirus pandemic currently sweeping the globe is unknown, the illicit wildlife trade in China may have been a major factor. Once they spread widely, infectious diseases also disrupt the illicit drug trade at […]

Southeast Asian countries, already struggling to contain the spread of the novel coronavirus, are bracing for a new surge of COVID-19 cases. Most countries in the region, with the exception of Singapore and Vietnam, had sluggish initial responses to the virus. Most also are poor or middle-income states, which lack public health systems that can effectively track and trace coronavirus patients. Malaysia now has more than 5,000 known COVID-19 cases, although the true number is probably much higher, while the Philippines and Indonesia also have more than 5,000 known cases. With minimal testing in Indonesia, the region’s most populous country, […]

Editor’s Note: Every Friday, Andrew Green curates the top news and analysis from and about the African continent. Forty African nations will be eligible for a debt moratorium declared this week by the world’s richest countries. The decision by the G-20 to freeze the debt of the world’s poorest nations follows calls for an unprecedented effort to support the continent’s response to the COVID-19 pandemic. Demands for a debt freeze had been mounting as countries across Africa have scrambled to find the resources to respond to the pandemic. Oxfam had raised alarms that the world’s 76 poorest countries face $40.6 […]

In this week’s editors’ discussion on Trend Lines, WPR’s Judah Grunstein, Freddy Deknatel and Prachi Vidwans talk about the things we previously took for granted, didn’t sufficiently appreciate or simply didn’t know—whether on a national or international level—that the coronavirus pandemic has brought into sharper focus. If you like what you hear on Trend Lines and what you’ve read on WPR, you can sign up for our free newsletter to get our uncompromising analysis delivered straight to your inbox. The newsletter offers a free preview article every day of the week, plus three more complimentary articles in our weekly roundup […]

Years from now, when historians and economists begin tallying the devastation wrought by COVID-19, it is likely only a few will focus much on world energy markets. Yet if there is one thing that has snapped into sharper view with the onset of this global pandemic, it is the extremely brittle state of OPEC and the autocratic governments that rely almost exclusively on the cartelization of oil markets to prop up their regimes. In September, OPEC will mark its 60-year anniversary as the world’s most preeminent price-fixing consortium. But it seems far from certain that the governments of the 13 […]

During normal times, if the world’s petroleum producers announced an agreement to slash output, oil prices would immediately spike. During normal times, lower crude prices would boost economic growth. During normal times, low oil prices might be reason to celebrate. But if there is one fact we can agree on, it is that these are not normal times. The global economic crisis triggered by efforts to stop the coronavirus pandemic has not only upended some of the patterns we had grown accustomed to—it has also revealed that many long-standing preconceptions have become outdated. That is evident in the dramatic shifts […]

With China having lifted the lockdown in place in Wuhan since the end of January, and many European countries and parts of the United States beginning to envisage how they, too, will gradually ease social distancing measures, the second phase of the response to the coronavirus pandemic is coming into focus. Central to already active debates in Western democracies, at least, is the balance to be struck between addressing the urgency of the public health crisis and managing the growing impact of social distancing on national economies and individual livelihoods. At first glance, the choice seems to be an obvious […]

One of the many challenges facing governments and businesses during a disaster is ensuring the steady supply of food and other essential items. People’s natural impulses to stock up in preparation for shortages often kick in at the same time that complex supply chains are coming under immense strain. Add to this the direct impacts of COVID-19 on workers in the food industry and the export restrictions on agricultural products that some governments have put into place to ensure that their own populations stay well-fed, and you’ve potentially got the makings of a looming food security crisis. Robyn Metcalfe, a […]