Your current location:HOME >sport >Build a new world economic order with emerging forces: Italian economist 正文
TIME:2024-06-03 18:57:50 Source: Internet compilationEdit:sport
Containers are piled up at Nansha Port in Guangzhou, Guangdong province, in April, 2022. [Photo/Chin
Containers are piled up at Nansha Port in Guangzhou, Guangdong province, in April, 2022. [Photo/China News Service]
In a world marked by increasing instability, uncertainty and challenges to global economic growth, the need for a new world economic order has emerged as a platform for promoting international economic cooperation and recovery, Italian economist and businessman said on Saturday.
Giancarlo Elia Valori, in an op-ed in Modern Diplomacy, wrote that it becomes crucial to rethink the existing international economic order and address the institutional and structural contradictions that underlie these crises through the aftermath of the international financial crisis and the slow economic growth in developed economies alongside high unemployment rates.
"The sovereign debt problems of the United States and European countries have caused hidden concerns in the world economy and have become one of the major risks threatening the stability and growth of the world economy today and in the coming years," he said.
According to Valori, emerging economies have proven to be powerful economic engines, with China leading the way with its remarkable growth rate. The BRICS countries collectively account for a substantial portion of the world's population, land surface, GDP, trade volume and foreign exchange reserves.
"Such huge-scale economic changes have traditionally altered the international economic landscape and balance of power," he wrote.
"Without the economic development of Third and Fourth World countries, there will be no long-term stable development of the world economy," Valori said. "Developed countries should fulfil their international commitments as soon as possible and provide more support and assistance to developing countries in terms of capital, technology and political leeway."
Valori wrote that the dominant position of the United States in the international monetary and financial system, primarily through the US dollar, has undergone visible structural depreciation trends.
Amidst the debt crisis in the United States and the European Union, the resurgence of trade protectionism poses a significant challenge, Valori said. However, protectionism ultimately fails to save ailing economies and instead damages cooperative relationships with trading partners.
"The international community should therefore oppose all forms of trade protectionism and support a strong, open and rules-based multilateral trading system, represented by the World Trade Organization, in order to support the current progress of the Doha Round negotiations, the aim of which is to promote the first positive, comprehensive and balanced results of the negotiations and build a fair and reasonable international free trade system," he said.
Mayhem inside and outside Wembley mars Real Madrid's 22024-06-03 18:14
Supreme Court on Donald Trump's immunity claims: Key moments, explained2024-06-03 18:14
Packers take Arizona offensive tackle Jordan Morgan with 25th overall pick in NFL draft2024-06-03 18:09
MI5 plans to vet academics in British universities to root out foreign spies infiltrating campuses2024-06-03 17:50
Israeli Prime Minister Netanyahu dismisses President Biden's Gaza ceasefire drive as 'a non2024-06-03 17:37
Labour must match the Tories on defence spending, former Army chief warns Keir Starmer2024-06-03 17:31
Indonesia and Japan advance at U23 Asian Cup. South Korea out of contention for Paris Olympics2024-06-03 17:27
AP Week in Pictures: Global2024-06-03 17:04
Beware the lovers' tiff... Couples' rows reach fever pitch after nine minutes2024-06-03 16:40
Frankie Capan III shoots 132024-06-03 16:26
Two Lebanese shepherds killed amid ongoing escalation along Lebanon2024-06-03 18:55
AP Week in Pictures: Asia2024-06-03 18:34
House approves bill to criminalize organ retention without permission2024-06-03 18:25
Russian deputy defense minister detained on bribery charges2024-06-03 18:14
US dampens criticism of El Salvador's president as migration overtakes democracy concerns2024-06-03 17:49
A's place second baseman Zack Gelof on injured list with left oblique strain2024-06-03 17:20
‘The movement will persist’: Advocates stress Weinstein reversal doesn’t derail #MeToo reckoning2024-06-03 17:14
Rams make a rare first2024-06-03 16:53
South Africa's president urges parties to find common ground in talks after election deadlock2024-06-03 16:46
How a boy's offer of one dollar to a 'homeless man' sparked an incredible friendship2024-06-03 16:20