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WTO warns against protectionism as it cuts 2013 global trade forecast to 3.3%

WTO warns against protectionism as it cuts 2013 global trade forecast to 3.3% | Development Economics | Scoop.it
WTO chief Pascal Lamy says failure of other policies to stimulate growth makes it more likely countries will resort to import curbs
Geoff Riley's insight:

Be familiar with the different types of protectionist policy, be able to analyse and evaluate the effects of tariff and non-tariff barriers

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Development Economics
Regularly updated news articles, research features and revision resources on Unit 4 macro development economics
Curated by Geoff Riley
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Is There an Alternative to the Boom and Bust Cycle for Resource Rich Countries? 

Is There an Alternative to the Boom and Bust Cycle for Resource Rich Countries?  | Development Economics | Scoop.it
Geoff Riley's insight:
A recent panel event on economic policies for natural resource rich countries offered some interesting and valuable evaluative insights for A level economists.
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Scarcity and Basic Development: Families in developing nations are paying more than half their income for water

Scarcity and Basic Development: Families in developing nations are paying more than half their income for water | Development Economics | Scoop.it
Access to safe water is a human right, but not a global reality. Here's how water cost and access vary throughout the world -- and why it matters.
Geoff Riley's insight:
A new report from WaterAid highlights the many millions of people who live without access to safe water and also the disproportionate cost for the poorest communities of paying for water supplies. Have a look at the infographic below for the stark variations in the unit cost (in US dollars) of providing 50 litres of water. The World Health Organization recommends that, at the very least, a single person needs access to 50 liters of clean water per day for basic hygiene and hydration.
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Nigeria's NNPC 'failed to pay' $16bn in oil revenues

Nigeria's NNPC 'failed to pay' $16bn in oil revenues | Development Economics | Scoop.it
Nigeria's state-owned oil company failed to pay revenues worth $16bn to the government in a suspected fraud, according to an official audit.
Geoff Riley's insight:
Barriers to development - high on the list is wholesale corruption and fraud! 
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Bruce Fellowes's curator insight, March 15, 6:15 PM
Barriers to development - high on the list is wholesale corruption and fraud! 
John Wilson's curator insight, March 15, 8:27 PM
Barriers to development - high on the list is wholesale corruption and fraud! 
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New Report Lays Out Path for Vietnam to Reach Upper-Middle-Income Status in 20 Years

New Report Lays Out Path for Vietnam to Reach  Upper-Middle-Income Status in 20 Years | Development Economics | Scoop.it
A new report recommending steps to help lift Vietnam to upper-middle-income status in two decades suggests that Vietnam build a more competitive private sector, support smart urbanization, promote innovation, and take advantage of increasing trade opportunities.
Geoff Riley's insight:

Many students follow growth and development issues in Vietnam - it is certainly a vibrant case study to use and this new World Bank report will be worth accessing.

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IMF Report on the Ethiopian Economy (September 2015)

Geoff Riley's insight:

Absolutely packed full of interesting growth and development data and comment (spoiler alert ... the standard IMF blueprint for macro policy is clearly in evidence!) I have been using this for reference in an assignment on whether currency devaluation is an appropriate macro strategy for lower-middle income countries .

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Senegal forecasts energy sufficiency, Newsday

Senegal forecasts energy sufficiency, Newsday | Development Economics | Scoop.it
Senegal says it will become self-sufficient in energy in the next few years.
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Senegal says West Africa's biggest gas reserve has been discovered in its offshore fields - will it be a blessing or a curse?

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F585: Zambia feels the effect of falling commodity prices

One of the countries feeling the effects of falling commodity prices is Zambia. Its economy relies heavily on copper"

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FDI: Saudi Arabia Is Buying Up American Farmland To Export Agricultural Products Back Home

The Saudis are explicitly conserving their own resources at home, while exploiting land and water supplies here in America. “We’re letting them come over here and use up our resources. It’s very frustrating for me, especially when I have residents telling me that their wells are going dry and they have to dig a lot deeper for water. It’s costly for them to drill new wells."
Geoff Riley's insight:

FDI of a type but one that is raising many objections in some parts of the USA

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Econ4 and F585: Multinational firms and wage premiums

Econ4 and F585: Multinational firms and wage premiums | Development Economics | Scoop.it
Geoff Riley's insight:

Here is some new research relevant to the debate over the benefits and costs of foreign direct investment in both lower, middle and higher income countries. 


The study looks at wage premiums in the Japanese economy.


"Firms that engage in international markets tend to pay higher wages. Compared with the purely domestic firms, the average wage premiums for Japanese multinational firms and foreign-owned firms are 59.2% and 74.2%, respectively" 


Typically exporting businesses are larger and can enjoy increased profitability from internal economies of scale.


And transnational corporations may also be more successful in attracting and employing the higher skilled domestic workers to do jobs that require stronger levels of human capital than businesses operating solely in domestic sectors - the report finds that "worker characteristics such as experience and education also play an important role and account for approximately 13%-20% of the wage premiums"

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Africa's economic prospects in 2016: Looking for silver linings

Africa's economic prospects in 2016: Looking for silver linings | Development Economics | Scoop.it

adwAfrica's economy is likely to face a very tough 2016, as the continent deals with falling commodity prices, China's slowdown and a host of other problems, reports BBC Africa Business Report's Matthew Davies.

Geoff Riley's insight:

This is excellent for A2 macro students - especially Edexcel and OCR people - the external headwinds are affecting African countries in different ways. Sharp falls in global oil prices have been a blessing for countries dependent on imported crude. But depressed commodity prices are shifting the terms of trade away from primary exporters such as Zambia and Nigeria and leading to reduced investment, worsening fiscal balances and - in many case - a severe depreciation of national currencies. Will lower currencies be an effective stimulus for emerging sub Saharan manufacturing industries? Or will the negatives outweigh the positives - not least the $ denominated repayments of Eurobonds issued by several SSA governments that are must be made during 2016? 

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Broadening the Sources of Economic Growth in Africa

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Recent fast economic growth in Africa has not been accompanied by the development of productive capacities and structural transformation, two essential building blocks for sustained growth and poverty reduction to which African countries aspire.
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Born lucky? World Bank reveals life expectancy rates for today's infants

Born lucky? World Bank reveals life expectancy rates for today's infants | Development Economics | Scoop.it
Children born in the UK can expect to live to 81, an average of 38 years more than those born in Sierra Leone
Geoff Riley's insight:

Stark differences made clear in this article. Fewer than a quarter of babies born in Lesotho will reach their 65th birthday while in Hong Kong 95% of girls and 89% of boys will do so.

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Efficiency wages and inclusive growth: Cambodia textile factory offers new model to improve workers' lives

Efficiency wages and inclusive growth: Cambodia textile factory offers new model to improve workers' lives | Development Economics | Scoop.it
South-east Asia’s garment industry has a bad name but decent wages, childcare and labour rights are high priorities for one company breaking the mould
Geoff Riley's insight:

Loads of pertinent development economics in this piece from the Guardian. There is an alternative model to urban sweat-shops. Consider for example the long term importance of the non-pecuniary benefits provided both to skilled and unskilled employees.

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Tacit Collusion: Sainsbury's to ditch Brand Match scheme

Tacit Collusion: Sainsbury's to ditch Brand Match scheme | Development Economics | Scoop.it
Supermarket chain Sainsbury's is to stop running its Brand Match scheme, which gives money back when goods are cheaper at rival Asda.
Geoff Riley's insight:
Consumer behaviour in the retail grocery industry is constantly changing and supermarkets are having to adjust to reflect this. Sainsbury's has announced an end to their price match scheme because fewer customers are filling their baskets with enough products to make the savings worthwhile. Price sensitive consumers are happy to spend some of their valuable time searching for every conceivable discount. Most of us I would hazard to guess are less susceptible to this type of promotion. We just want good products at a decent price and choose to shop in the most convenient location given time and place. 
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Primary Dependency: Angola seeks IMF help in wake of oil price falls

Primary Dependency: Angola seeks IMF help in wake of oil price falls | Development Economics | Scoop.it
Oil exporting Angola asks the International Monetary Fund (IMF) for financial assistance.
Geoff Riley's insight:
The Angolan economy is hugely dependent on the extraction and exporting of crude oil. With with global prices remaining stubbornly low their economy is suffering from a steep decline in export revenues and tax receipts. The result is a fiscal crisis which may require emergency loans from the IMF. In the past, the default position of the IMF has been to apply conditionality to loan finance - for example requiring structural economic reforms and/or fiscal austerity. But there are signs that the IMF approach is changing. Angola's export base is narrow and their economy is highly vulnerable to global economic shocks.
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hulisani.'s curator insight, May 3, 10:05 AM
How does this have an influence on the African market?
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Lessons from Vietnam in a slowing global economy

In just three decades, Vietnam has been transformed from one of the world’s poorest nations to a development success story. Vietnam’s experience carries important lessons for other developing
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China's economy: slowing distorted and debt-addicted

China's economy is slowing. It's policy makers are having to contend with a massive debt-fuelled investment binge and the need to implement necessary reforms t…
Geoff Riley's insight:

The latest analysis of the Chinese economy from the RBS team

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Aman Kanwar's curator insight, February 3, 4:27 AM

Lots of data in this presentation. Focus on developing a story in a couple of paras around debt as a constraint on development.

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Institutional quality and economic performance

Institutional quality and economic performance | Development Economics | Scoop.it
Institutional quality and economic development reinforce each other over the longer term, but we argue that institutional quality leads this virtuous circle. It unlocks growth potential and does not intrinsically suffer from diminishing returns.
Geoff Riley's insight:

This is perhaps a bit dry for A2 economists but institutions do matter so some teachers may want to refresh their knowledge on this topic by dipping into this paper from economists at Rabobank.

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FDI flows into India nearly doubled in 2015: UNCTAD

FDI flows into India nearly doubled in 2015: UNCTAD | Development Economics | Scoop.it
Foreign Direct Investment flows into India nearly doubled in 2015 to $59 billion while the US emerged as the top host country for FDI last year, the UN's trade agency has said.
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TPP and Free Trade Agreements: Vietnam investment: Foreign companies flock to emerging global export hub

TPP and Free Trade Agreements: Vietnam investment: Foreign companies flock to emerging global export hub | Development Economics | Scoop.it
TOKYO/HANOI -- Vietnam is sharpening its competitive edge as an export hub, attracting a flood of overseas investment. Among the influx of eager inves
Geoff Riley's insight:

Vietnam is a fast-growing international trade hub and FDI is flowing rapidly into the country encouraged by relatively low unit labour costs, more business-friendly economic reforms in Vietnam, the TPP and the ASEAN Economic Community agreements and also because Vietnam has free trade agreements with South Korea and the European Union. This is one of the major globalisation stories of the moment. 

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Scale of anti-dumping investigations against China continues to grow

Under World Trade Organisation (WTO) rules, the EU can impose anti-dumping duties on products from third countries if an investigation demonstrates that these products enter the EU at dumped prices that cause injury to the EU industry.

Geoff Riley's insight:

Useful context for any essay on protectionism and the fall out from the Chinese economic slowdown, especially with the news that nearly one sixth of jobs in the UK steel industry have been or are planned to be lost in the last year. 

 

Currently there are 52 anti-dumping measures in force against China, covering 1.38% of EU imports from that country. The main industries concerned today are steel, mechanical engineering, chemicals and ceramics. There are presently about 250,000 jobs in industries in the EU directly covered by the measures against dumping from China

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“India is the only country trying to become a global economic power with an uneducated and unhealthy labour force” – Amartya Sen

“India is the only country trying to become a global economic power with an uneducated and unhealthy labour force” – Amartya Sen | Development Economics | Scoop.it
Geoff Riley's insight:

For those studying Indian economics and development issues, this interview is unmissable

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William Holborow's curator insight, January 16, 8:36 AM

“The whole idea that you could somehow separate out the process of economic growth from the quality of the labour force is a mistake against which Adam Smith warned in 1776.”

It is difficult to understand why the Indian government aren't spending lots of money to improve their education system

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E-learning for Africa held back by power shortage

E-learning for Africa held back by power shortage | Development Economics | Scoop.it
The ambitions for more educational technology in Africa are being held back by a basic lack of electricity.
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Why globalisers still retain the upper hand

Why globalisers still retain the upper hand | Development Economics | Scoop.it

In her recent unsuccessful campaign during France’s regional elections, Marine Le Pen, the leader of the far-right National Front, argued repeatedly that international politics is increasingly pitting nationalists against globalists."

Geoff Riley's insight:

An important FT editorial looking ahead to 2016 which is likely to include an in-out referendum for the UK. "Economic logic, social trends and liberal values are all on the side of the globalisers."

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Sub-Saharan Africa’s sovereign bond issuance boom

There has been rapid rise in sovereign bond issuance in some Sub-Saharan African countries. This includes those countries that have benefited from Heavily Indebted Poor Countries (HIPC) and Multilateral Debt Relief Initiative (MDRI) debt relief programs. 

Geoff Riley's insight:

Sovereign bond sold to overseas investors might help to finance infrastructure spending.

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Aaron Burnette's curator insight, February 5, 8:27 AM

This area of Africa has gained great benefits from HIPC's. also, there is dealing with much more money than ever before.