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Pakistan’s latest economic data tries to paint a cheerful picture, but the economy is still in deep trouble. The main culprit is the ‘managed’ float of the Pakistani rupee, which covers for a multitude of other sins.
Foreign policy in the 21st century is underpinned by economic issues, in contrast to the 20th century when global politics and security aspects dominated diplomacy. Dammu Ravi, Secretary (Economic Relations), Government of India, discusses Indian diplomacy and how it navigates the G7 and BRICS, the opportunities and challenges for strengthening the Neighbourhood First policy in South Asia, and the country’s evolving economic diplomacy.
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Sri Lanka’s sovereign debt default in 2022 triggered the worst economic crisis in the country’s post-independence history. By mid-2024, the economy started showing signs of recovery, with a performance higher than other debt-defaulting nations and exceeded IMF expectations. The current stable path, however, is not enough. Sri Lanka needs to shift its economic trajectory from one of debt distress to sustained growth over the next few years.
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India hosted the third Global South Summit virtually on August 17. Such summits are a necessary platform to network with other developing countries and bring neglected issues to attention. But now they must do more than be tick-box events. They must have achievable milestones, actively share experiences and solutions, and show how they matter.
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China-centric global supply chains, the backbone of East Asia’s prosperity, are shifting out as tensions over tariffs and strategic contest between the West and China soars. Ganeshan Wignaraja, Professorial Fellow, Economics and Trade, Gateway House, discusses diversifying supply chains, the China plus one strategy, and the role of India as a supply chain magnet for its South Asian neighbours.
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Recent changes in Belgian and EU tax law and regulation have resulted in some Antwerp-based Palanpuri Jain diamond traders shifting base to the newly booming Dubai diamond market. But Antwerp dominates the diamond business for this enterprising community, where 400 families continue to stay and use it as a gateway to the European market for diamonds cut and polished in Surat and Mumbai in India.
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Asian nations like Sri Lanka have seen a rush of Russian and Ukrainian tourists over the last two years. They discover salubrious climes and overstay their visas to start small businesses. It has helped Sri Lanka boost tourism after its 2022 debt default but also created economic problems for locals. It is necessary to identify trade-offs between economic benefits and security threats associated with extended-stay tourism.
Courtesy: Business Standard
In April 2022, Sri Lanka defaulted on its foreign debts kicking off its worst economic downturn in over 70 years. In a paper for the Institute of South Asian Studies, Ganeshan Wignaraja examines key policy, the benefits of IMF support, and the role that Indian aid has played in Sri Lanka’s recovery while emphasising potential risks of its upcoming presidential and parliamentary elections.
Courtesy: The Hindu
During his visit to New Delhi this week, Australia's navy chief highlighted the need for greater maritime cooperation on security issues in the Indo-Pacific. While India is aware of its growing role in maintaining a free, open and inclusive Indo-Pacific, it must also convey to its partners that on matters of security, it prioritises dangers closer to home in its Indian Ocean neighbourhood.
Courtesy: United Nations
The transition from least developed country (LDC) to developing country marks a major milestone for the world’s most vulnerable and structurally disadvantaged countries. The recent graduation of Bhutan into the 'developing' realm reflects the trend of accelerating development among least developed countries. Fifteen more LDCs are due to move up in the coming years, a clear improvement from the past.
