https://www.scmp.com/rss/313987/feed Eswar Prasad is Professor of Trade Policy at Cornell University’s Dyson School of Applied Economics and Management and a senior fellow at the Brookings Institution. He is the author of Gaining Currency: The Rise of the Renminbi. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com This is a perilous moment for the world economy, as stubbornly high inflation, bank failures and geopolitical tensions threaten to derail growth. There are a few bright spots, with China and India projected to post around 5 per cent and 6.5 per cent growth respectively this year. As the latest update to the Brookings-Financial Times Tracking Indexes for the Global Economic Recovery shows, however, the proliferation of risks and the tightening of financial conditions are taking a toll on business... https://www.scmp.com/comment/opinion/article/3216429/china-india-among-few-bright-spots-world-economic-growth-hangs-balance?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3216429/china-india-among-few-bright-spots-world-economic-growth-hangs-balance?utm_source=rss_feed Mon, 10 Apr 2023 03:00:10 +0000 The post-pandemic recovery has run out of steam. The latest update to the Brookings-Financial Times Tracking Indexes for the Global Economic Recovery shows that growth momentum and financial market and confidence indicators have deteriorated markedly around the world in recent months. As the global economy stalls amid heightened uncertainty and rising risks, many countries are either in or on the brink of outright recession. Some wounds have been self-inflicted. Misguided policies such as... https://www.scmp.com/comment/opinion/article/3195335/how-bad-policy-decisions-are-choking-life-out-post-covid-global?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3195335/how-bad-policy-decisions-are-choking-life-out-post-covid-global?utm_source=rss_feed Sun, 09 Oct 2022 15:30:16 +0000 The world economy has risen from the depths of the initial Covid-19 plunge. However, the recovery has been tepid, uneven and fragile and is likely to remain so for the foreseeable future. Start with the good news. World merchandise trade has rebounded, consistent with indications of a revival in household demand for goods in many economies, even as public health restrictions and consumer concerns continue to hobble demand for services. Moreover, financial markets have held up surprisingly well... https://www.scmp.com/business/article/3105780/beware-overestimating-global-economic-recovery-coronavirus?utm_source=rss_feed https://www.scmp.com/business/article/3105780/beware-overestimating-global-economic-recovery-coronavirus?utm_source=rss_feed Fri, 16 Oct 2020 08:30:15 +0000 Eswar Prasad Eswar Prasad A few years ago, China’s currency seemed to be rising inexorably to global dominance. The renminbi had become the fifth-most-important currency for international payments and, in 2016, the International Monetary Fund included it in the basket of major currencies that determines the value of special drawing rights, the IMF’s global reserve asset. Since then, however, the renminbi’s progress has stalled. Its share of international payments has fallen below 2 per cent, and the share of global... https://www.scmp.com/comment/opinion/article/3098952/why-chinas-digital-currency-wont-threaten-us-dollar-dominance?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3098952/why-chinas-digital-currency-wont-threaten-us-dollar-dominance?utm_source=rss_feed Thu, 27 Aug 2020 12:45:12 +0000 Scarcely a week passes without news about the ascendance of the renminbi. But China has a long way to go before its currency can rival - let alone displace - the US dollar as the dominant global reserve currency. To be sure, China already plays a significant role in international trade and finance, with major financial centres like London and Frankfurt eagerly lining up for renminbi business. Recent speculation that China's economy may soon be as large as America's has boosted this interest... https://www.scmp.com/comment/insight-opinion/article/1514931/economic-reforms-alone-wont-put-renminbi-dollars-league?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1514931/economic-reforms-alone-wont-put-renminbi-dollars-league?utm_source=rss_feed Sun, 18 May 2014 18:32:02 +0000