https://www.scmp.com/rss/503230/feed Lawrence H. Summers was chief economist of the World Bank (1991-93), US Treasury secretary (1999-2001), director of the US National Economic Council (2009-10), and president of Harvard University (2001-06), where he is currently University Professor. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com The world is on fire this summer. Experts estimate that another Covid-level public health threat is likely to emerge in the next generation. Rising interest rates have left dozens of countries with unmanageable debt burdens. And for the first time in nearly half a century, the global economy is fracturing rather than coming together. These realities shaped the recommendations that we have just made to the Group of 20 through a special expert group on development financing, which we co-chair. Our... https://www.scmp.com/comment/opinion/article/3228811/multilateral-development-banks-must-evolve-meet-urgent-need-climate-finance-and-fund-other-public?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3228811/multilateral-development-banks-must-evolve-meet-urgent-need-climate-finance-and-fund-other-public?utm_source=rss_feed Tue, 25 Jul 2023 08:30:16 +0000 Outside of the security domain, overhauling the World Bank offers US President Joe Biden’s administration its greatest opportunity for a key foreign-policy achievement. The bank should be a major vehicle for crisis response, post-conflict reconstruction, and, most importantly, for supporting the huge investments necessary for sustainable and healthy global development. But currently it is not. The remarkable feature of the World Bank’s financial model is that each US$1 of appropriated funds from... https://www.scmp.com/comment/opinion/article/3195519/4-steps-help-world-bank-help-world-survive-time-crisis?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3195519/4-steps-help-world-bank-help-world-survive-time-crisis?utm_source=rss_feed Wed, 12 Oct 2022 08:30:09 +0000 Domestic politics, geopolitics and economics will be intertwined in 2020 to an extent unmatched in decades. Weak economic performance and problematic governance in much of the world risks setting in motion a vicious circle: adverse economic outcomes lead to populism at home and nationalism abroad, which in turn exacerbate economic problems as protectionism increases, investment declines and consumer confidence falls. Bad economics drives bad politics, leading to worse economics and worse... https://www.scmp.com/comment/opinion/article/3044128/2020-americans-can-set-world-back-right-path-vote-vote?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3044128/2020-americans-can-set-world-back-right-path-vote-vote?utm_source=rss_feed Wed, 01 Jan 2020 19:00:11 +0000