Inflation has stayed higher longer than I expected. I got that one wrong. I am happy to acknowledge my mistake, but I also want to know the reason why. This is not a question of finding excuses, I want to know why the economy is acting differently than I thought it would.
The effects of the war in Ukraine leave policymakers with little room to maneuver.
Sub-Saharan African countries find themselves facing another severe and exogenous shock. Russia’s invasion of Ukraine has prompted a surge in food and fuel prices that threatens the region’s economic outlook. This latest setback could not have come at a worse time—as growth was starting to recover and policymakers were beginning to address the social and economic legacy of COVID-19 pandemic and other development challenges. The effects of the war will be deeply consequential, eroding standards of living and aggravating macroeconomic imbalances.
An ISIS franchise is tightening its hold on parts of north-eastern Nigeria near Lake Chad. Abuja should enhance its containment strategy, helping rival militants surrender, protecting internally displaced persons and working with neighbouring countries to cut off outside material support for the jihadists.
Adversaries of Yemen’s Huthi rebels say they will never negotiate in good faith. Others think they might, given the right mix of incentives. With a nationwide truce in place, diplomats should give the latter hypothesis a shot.
In the fall of 2012, as Syria plunged into civil war and the Eurozone crisis generated panic across global markets, a parliamentary election in Ukraine signaled trouble ahead to those who were paying attention. The results that trickled out on Oct. 28, 2012, indicated that then-President Viktor Yanukovych’s Party of Regions had secured a strong position through dubious constitutional maneuvers and ballot manipulation.
Unlike European Union directives, which must be published in the languages of all the bloc’s member states, the sighs of relief heard across much of Europe at the outcome of yesterday’s French presidential election needed no translation. The suspense had already receded in the two weeks since the first-round ballot, as polls showed French President Emmanuel Macron widening his lead over far-right candidate Marine Le Pen. But with Macron’s reelection now sealed, the sense of having dodged a bullet in Brussels, the capitals of Europe, Washington and of course Paris is no less palpable.
Germany’s warm welcome for Ukrainian refugees has accompanied a wider societal and political about-face – the shedding of a decadeslong pacifist nature in the face of the war in Ukraine. Chancellor Olaf Scholz overturned long-held policies by promising to send weapons to Ukraine, bolster an under-equipped German military, and shift away from cheap Russian energy supplies.
France’s economy, the euro zone’s second-biggest economy, growth unexpectedly ground to a halt in the first quarter while Germany, Europe’s largest economy, faces possibility of tipping into recession. The war in Ukraine is the major cause of this situation.
A specially equipped medical train run by Doctors Without Borders/Médecins Sans Frontières (MSF) completed its first journey across Ukraine on April 26, carrying 26 patients from Zaporizhzhia and Dnipro to hospitals in Ivano-Frankivsk and Lviv. Most required post-operative care following traumatic injuries.
Russia’s war on Ukraine both reflects and deepens a global split that should remind us of Karl Marx’s famous remark: “No social order ever disappears before all the productive forces, for which there is room in it, have been developed; and new higher relations of production never appear before the material conditions of their existence have matured in the womb of the old society.” The United Kingdom already lost its particular social order—its empire—while the United States is now losing its.