COLOMBO, Sri Lanka — Sri Lanka began voting in a snap election on Thursday which will determine if the island nation wants to empower its new, leftist President Anura Kumara Dissanayake to push his pro-poor policies as it recovers from a financial meltdown. A little over 17 million Sri Lankans are eligible to elect lawmakers to the 225-member parliament for a five-year term. A record 690 political parties and independent groups are in the fray across 22 electoral districts. Marxist-leaning Dissanayake, 55, was elected president in September but his National People's Power (NPP) coalition had just three of 225 seats in parliament, prompting him to dissolve the legislature almost a year before its term ended and seek a fresh mandate. Over 7,000 police personnel have been deployed to ensure free and fair elections at the more than 13,400 polling stations set up across the country, police officers told Reuters. "The military is also on standby to assist the police but we do not expect any incidents," said Police Spokesman Nihal Thalduwa, adding that voting was proceeding smoothly. As polling opened in the early hours of the morning, people began trickling into temples, schools and other public buildings being used as polling stations. Among them was Umeshi Perera, 32, who lined up to cast her ballot at a school in Biyagama, a suburb about 15 km from the South Asian nation's largest city of Colombo. "I think we are seeing the first signs of a positive political change in Sri Lanka after the president was elected and we should give him the chance to continue that change," she said. Analysts say Dissanayake's coalition is expected to draw significant support, while a victory for a rival could lead to a policy logjam the country cannot afford. The Samagi Jana Balawegaya party of opposition leader Sajith Premadasa - who favors a mix of interventionist and free-market economic policies - is NPP's main challenger. The other key contender is the New Democratic Front, backed by previous President Ranil Wickremesinghe. "All arrangements are in place and we appeal to the public to work with us to ensure a free and fair election," Election Commission Chairman RML Rathnayake told reporters at a pre-election briefing on Tuesday. Votes will be counted soon after polling closes on Thursday and results are expected to be announced on Friday. A country of 22 million people just across the southern tip of India, Sri Lanka was crushed by a 2022 economic crisis triggered by a severe shortfall of foreign currency, causing the economy to shrink by 7.3% in 2022 and 2.3% last year. Boosted by a $2.9 billion bailout program from the International Monetary Fund, the economy has begun a tentative recovery, but the high cost of living is still a critical issue for many voters, especially the poor. Dissanayake wants to push anti-poverty policies including bigger welfare schemes and fight corruption as a political outsider in a country dominated by family parties for decades. He also aims to tweak targets set under the IMF program to reduce high income taxes and free up funds to invest in welfare for millions hit hardest by the crisis. The new government must deliver a budget to reach a crucial primary surplus target of 2.3% of GDP in 2025 set under the IMF program, deliver pro-poor policies, and put growth on a sustainable path. But investors worry Dissanayake's desire to revisit the terms of the IMF bailout could delay future disbursements, and make it harder for Sri Lanka to hit that primary surplus target. "In past elections, people did not have confidence in us but in September people gave us victory and proved that we are a winning party and we can form a government," Dissanayake said on Sunday as the campaign neared its conclusion. "The next task is to unite people from the four corners of this country and build a powerful people's movement," he said.

Amid one of the most impactful pandemics this nation has ever faced, one lesson that continues to be compounded is public buildings need to be updated to provide citizens with a sense of security in order to encourage an economic recovery. 

Zimbabwe Futures 2030: A Vision for Inclusive Long-Term Economic Recovery 10 October 2019 — 10:00AM TO 12:15PM Anonymous (not verified) 5 September 2019 Harare, Zimbabwe

In its Vision 2030, the government of Zimbabwe committed itself to facilitating an open market and stable economy through strategies such as the Transitional Stabilization Programme (TSP) and new industrialization policy. The private sector is pivotal to these objectives and creating an environment conducive to inclusive and job-creating economic growth. Economic growth can only be achieved with a conducive policy environment and government support to underpin markets with provision of public goods, entrepreneurial incentives and protect contract enforcement and dispute resolution mechanisms.

This event will launch a new Chatham House Africa Programme publication on Zimbabwe’s Vision 2030. The paper is the culmination of an inclusive research process that has drawn on senior private sector expertise, civil society, academics, technocratic elements of government and other experts to develop policy recommendations that will support inclusive economic growth in Zimbabwe.

This event is held in partnership with the Zimbabwe Business Club and Konrad Adenauer Stiftung (KAS). It is supported by KAS and the Dulverton Trust.

Economic Recovery and Anticorruption in South Africa: Assessing Progress on the Reform Agenda 4 December 2019 — 3:00PM TO 4:00PM Anonymous (not verified) 25 November 2019 Chatham House | 10 St James's Square | London | SW1Y 4LE

South Africa has significant economic potential based on its resource endowment, quality human capital and well-developed infrastructure compared to the region. However, the country’s economic growth rate has not topped 2 per cent since 2013, and in 2018, was below 1 per cent. This has put a strain on citizens and communities in a country that still suffers from structural inequality, poverty and high unemployment. Economic recovery and anti-corruption were the central pillars of President Cyril Ramaphosa’s 2019 electoral campaign and he has set an investment target of $100 billion. However, voters and investors alike are demanding faster and more visible progress from the country’s enigmatic leader who has a reputation for caution and calculation.

At this event, Professor Nick Binedell will discuss the progress of and opposition to the president’s economic reform agenda and the opportunities for international investment to support long term inclusive and sustainable growth in South Africa.

Attendance at this event is by invitation only.

Webinar: South Africa's Economic Recovery Beyond COVID-19 27 May 2020 — 1:00PM TO 2:00PM Anonymous (not verified) 18 May 2020

Angola Forum 2021: Policy options to support economic recovery in Angola 7 October 2021 — 2:00PM TO 5:00PM Anonymous (not verified) 22 September 2021 Online

Speakers discuss policy options to support economic recovery in Angola as the country transitions away from a state-led oil economy to a private-sector-led growth model.

The government of Angola has made some progress on a range of policies targeting macroeconomic stability and structural reform. However, the country has been suffering from a recurring economic recession for six consecutive years, with the last positive annual GDP growth rate posted in 2015 at 0.9 per cent.

The national budget remains dependent on oil revenue, leaving the country highly exposed to volatile oil prices particularly during the COVID-19 pandemic. While revenues collapsed, increased spending was needed to respond to the health crisis and estimates of Angola’s debt spike range from 130 to 150 per cent of its GDP by the close of 2020.

At this virtual Angola Forum, speakers discuss policy options to support economic recovery in Angola as the country transitions away from a state-led oil economy to a private-sector-led growth model.

The Forum launches the English translation of the Angola Economic Report 2019-20 by the Centro de Estudos de Investigação (CEIC) of the Catholic University of Angola in partnership with the Konrad-Adenauer-Stiftung (KAS), and the findings of Afrobarometer’s first ever survey in Angola, Ovilongwa – Estudos de Opinião Pública, which interviewed 2,400 adult Angolans and sampled individual perceptions on democracy and economic reform in Angola.

This event will be held in English and Portuguese with simultaneous interpretation.

The Forum will also be broadcast live on the Africa Programme Facebook page.

A Credit-fuelled Economic Recovery Stores Up Trouble for Turkey Expert comment sysadmin 17 February 2020

Turkey is repeating the mistakes that led to the 2018 lira crisis and another freefall for the currency may not be far off.

Since the 2018 economic crisis, when the value of the lira plummeted and borrowing costs soared, Turkey’s economy has achieved a miraculous ‘V-shaped’ economic recovery from a recession lasting three quarters to a return back to quarterly growth above 1 per cent in the first three months of 2019.

But this quick turnaround has been built on vast amounts of cheap credit used to re-stimulate a consumption and construction boom. This so-called ‘triple C’ economy generated a rapid growth spurt akin to a modestly able professional sprinter injected with steroids.

This has made the currency vulnerable. The lira has steadily depreciated by 11 per cent against the US dollar since the beginning of 2019 and crossed the rate of 6 lira versus the US dollar on 7 February. And there are further warning signs on the horizon.

Credit bonanza

Statistics reveal that Turkish domestic credit grew by around 13 per cent on average throughout 2019. The credit bonanza is still ongoing. Mortgage-backed home sales jumped by a record high of 600 per cent last December alone and the 2019 budget deficit catapulted by 70 per cent due to higher government spending.

Turkey’s central bank fuelled this credit expansion by cutting interest rates aggressively to below inflation and, since the start of this year, purchasing lira-denominated bonds equivalent to around one-third of total acquisitions last year to push yields lower.

Equally, it has linked bank lending to reserve requirements – the money that banks have to keep at the central bank – to boost borrowings via state and private banks. Banks with a ‘real’ loan growth (including inflation) of between 5 and 15 per cent enjoy a 2 per cent reserve ratio on most lira deposits, which authorities adjusted from an earlier band of 10-20 per cent that did not consider double-digit inflation.

Cumulatively, bond purchases (effectively quantitative easing) and reserve management policies have also contributed to eased credit conditions.

Commercial banks have also reduced deposit rates on lira accounts to less than inflation to encourage consumption over saving. Together with low lending rates, the boost to the economy has flowed via mortgages, credit card loans, vehicle leasing transactions and general business borrowings.

Accordingly, stimulus is at the forefront of the government’s economic approach, as it was in 2017 and 2018. It does not seem to be implementing structural change to re-orient growth away from consumption towards productivity.

In addition, governance is, again, a central issue. President Recep Tayyip Erdogan’s near total monopolization of policymaking means he guides all domestic and external policies. He forced out the previous central bank governor, Murat Cetinkaya, in July 2019 because he did not share the president’s desire for an accelerated pace of interest rate reductions.

New challenges

Despite the similarities, the expected future financial turbulence will be materially different from its 2018 predecessor in four crucial respects.

Firstly, foreign investors will only be marginally involved. Turkey has shut out foreign investors since 2018 from lira-denominated assets by restricting lira swap arrangements. Unsurprisingly, the non-resident holdings of lira bonds has plummeted from 20 per cent in 2018 to less than 10 per cent today.

Secondly, the Turkish government has recently introduced indirect domestic capital controls by constraining most commercial transactions to the lira rather than to the US dollar or euro to reduce foreign currency demand in light of short-term external debt obligations of $191 billion.

Thirdly, the Turkish state banks are intervening quite regularly to soften Lira volatility, thereby transitioning from a ‘free float’ to a ‘managed float’. So far, they have spent over $37 billion over the last two years in a futile effort to buttress the lira. This level of involvement in currency markets cannot be maintained.

Fourthly, the Turkish state is being far more interventionist in the Turkish stock exchange and bond markets to keep asset prices elevated. Government-controlled local funds have participated in the Borsa Istanbul and state banks in sovereign debt to sustain rallies or reverse a bear market.

All these measures have one running idea: exclude foreign investors and no crisis will recur. Yet, when the credit boom heads to a downturn sooner or later, Turks will probably escalate lira conversions to US dollars; 51 per cent of all Turkish bank deposits are already dollar-denominated and the figure is still rising.

If Turkey’s limited foreign reserves cannot satisfy the domestic dollar demand, the government may have to impose comprehensive capital controls and allow for a double digit depreciation in the value of the lira to from its current level, with significant repercussions on Turkey’s political stability and economic climate.

To avoid this scenario, it needs to restore fiscal and monetary prudence, deal the with the foreign debt overhang in the private sector and focus on productivity-improving economic and institutional reforms to gain the confidence of global financial markets and Turks alike.

[Radio Dalsan] In a move to bolster Somalia's economic recovery and stability, the United States has forgiven $1.14 billion in debt owed by Somalia. The debt cancellation, announced by US Ambassador to Somalia Richard Riley in Mogadishu, is part of a larger $1.2 billion assistance package for Somalia this fiscal year.

Chief minister Yogi Adityanath has set an 11-point agenda for drawing up a roadmap for economic revival of the state.The details of the agenda were finalised after a high-powered meeting chaired by the CM on May 4.

Ofentse Mokwena discusses what's needed for opening transport markets and unbundling transport SOEs.

It may sound like Australia's political class is arguing about how to get people working again and businesses reopened, but listen closer. They're fighting about something deeper, writes Gareth Hutchens.

Access to finance remains a key challenge for small and medium-sized enterprises and a stumbling block to recovery in most countries, according to a new OECD report.

Financing conditions for small and medium-sized enterprises (SMEs) remain a pressing concern in many countries, according to a new OECD report.

Slovenia's rich and diverse environment is under pressure from the country’s expanding economy. OECD’s first Environmental Performance Review of Slovenia says that greening growth, including though green tax reform, better use of public and private finance, could help Slovenia.

The Portuguese economy is gradually recovering from a deep recession thanks to a broad structural reform agenda that has led to rising economic growth, falling unemployment and remarkable progress in export performance.

The renewable sector holds the key to not only offsetting the job losses due to the pandemic, but also making the recovery sustainable

On Tuesday, June 9, 2009, the National Park Service began a project to reconstruct the South Kaibab Trail in Grand Canyon National Park. The project is funded, in part, with funds from the American Recovery and Reinvestment Act. https://www.nps.gov/grca/learn/news/grand-canyon-national-park-begins-trail-reconstruction-project-using-funds-received-under-presidents-economic-recovery-plan.htm

STINGRAY will do its part to kick-start CANADA’s economic recovery with the establishment of an economic stimulus plan via its 104 radio stations across the country to help local … more

The National Retail Federation's Chief Economist Jack Kleinhenz believes the economic recovery in the United States from the Coronavirus crisis would come gradually and may vary by location depending on the severity. His remark comes as more and more stores are reopening across the country after at least 30 U.S. states began easing lockdown restrictions and decided to reopen businesses...

The Hawai’i State Commission on the Status of Women introduced a ‘feminist economic recovery plan’ that is designed to help women recover from the economic hardships created by the coronavirus pandemic. The plan is the first of its’ kind in the nation. The plan, called “Building Bridges, Not Walking on Backs: A Feminist Economic Recovery Plan for COVID-19,” centers women from the most marginalized groups that have been disproportionately affected by COVID-19. The plan not only proposes measures that will help aid in recovery from the economic fallout of the virus, but also introduces fundamental changes to the way women’s work is valued and compensated. “I have not seen any state or nation propose a feminist economic recovery, a recovery that explicitly centers women or attempts to counteract patriarchy,” said Khara Jabola-Carolus, executive director of the commission. “Even proposals from left movements in the U.S. are missing this. They are bold on race and class, but gender is taken for granted. People don’t seem to understand the fundamental role of patriarchy, and how to tie gender in with race and class. So, I turned to the people with real power — women organizing in our communities who are active inside […]

17 February 2020

Corporate Members Event Webinar

Francesca Viliani, Consultant Researcher, Global Health Programme, Chatham House; Director, Public Health, International SOS

Sven Smit, Co-Chair, McKinsey Global Institute and Senior Partner, McKinsey & Company, Amsterdam

Chair: Creon Butler, Research Director, Trade, Investment & New Governance Models: Director, Global Economy and Finance Programme, Chatham House

Invitation Only Research Event

Event participants

Professor Nick Binedell, Founding Director and Sasol Chair of Strategic Management, Gordon Institute of Business Science (GIBS), University of Pretoria

17 February 2020

Corporate Members Event Webinar

Francesca Viliani, Consultant Researcher, Global Health Programme, Chatham House; Director, Public Health, International SOS

Sven Smit, Co-Chair, McKinsey Global Institute and Senior Partner, McKinsey & Company, Amsterdam

Chair: Creon Butler, Research Director, Trade, Investment & New Governance Models: Director, Global Economy and Finance Programme, Chatham House

Apple's Jeff Williams says that supply chains are running well and that the company is optimistic about the future for the economy both for itself and for America as a whole.

By Chris Mitchell, vice president, global government relations As the unprecedented COVID-19 crisis continues to unfold, IPC is calling for a bold, sustained policy agenda to help the electronics manufacturing sector weather the economic downturn and support the economic recovery. There can be no doubt that governments all over the world should take extraordinary measures […]

As the fallout from COVID-19 adds hundreds of billions of dollars to the national debt, senior federal officials say there will be no aggressive attempts at deficit reduction until Canada's economic recovery is well underway.

Boris Johnson needs to prioritise the environment as the UK recovers from coronavirus, firms say.

"Through the Strong Cities, Strong Communities Initiative, the White House is leading a federal effort to spark economic growth in five cities and one region, helping them to maximize resources and leverage partnerships with businesses, philanthropies, and non-profit organizations," said Acting Associate Attorney General West.

Mar 26, 2020

In this edition of Columbia Energy Exchange, host Jason Bordoff and Professor Joseph Aldy explore the role of climate-change and broader environmental policy in the U.S. federal government’s emergency economic stimulus funding package.

Mar 26, 2020

In this edition of Columbia Energy Exchange, host Jason Bordoff and Professor Joseph Aldy explore the role of climate-change and broader environmental policy in the U.S. federal government’s emergency economic stimulus funding package.

Mar 26, 2020

In this edition of Columbia Energy Exchange, host Jason Bordoff and Professor Joseph Aldy explore the role of climate-change and broader environmental policy in the U.S. federal government’s emergency economic stimulus funding package.

Mar 26, 2020

In this edition of Columbia Energy Exchange, host Jason Bordoff and Professor Joseph Aldy explore the role of climate-change and broader environmental policy in the U.S. federal government’s emergency economic stimulus funding package.

Mar 26, 2020

In this edition of Columbia Energy Exchange, host Jason Bordoff and Professor Joseph Aldy explore the role of climate-change and broader environmental policy in the U.S. federal government’s emergency economic stimulus funding package.

Mar 26, 2020

In this edition of Columbia Energy Exchange, host Jason Bordoff and Professor Joseph Aldy explore the role of climate-change and broader environmental policy in the U.S. federal government’s emergency economic stimulus funding package.

Mar 26, 2020

In this edition of Columbia Energy Exchange, host Jason Bordoff and Professor Joseph Aldy explore the role of climate-change and broader environmental policy in the U.S. federal government’s emergency economic stimulus funding package.

The economic activity of the U.S. has plummeted in the wake of the coronavirus pandemic and unemployment has soared—largely the result of social distancing policies designed to slow the spread of the virus. The depth and speed of the decline will rival that of the Great Depression. But will the aftermath be as painful? Or…

COVID-19 has upended, along with everything else, the balance sheets of the nation’s elementary and secondary schools. As soon as school buildings closed, districts faced new costs associated with distance learning, ranging from physically distributing instructional packets and up to three meals a day, to supplying instructional programming for television and distributing Chromebooks and internet…

The economic activity of the U.S. has plummeted in the wake of the coronavirus pandemic and unemployment has soared—largely the result of social distancing policies designed to slow the spread of the virus. The depth and speed of the decline will rival that of the Great Depression. But will the aftermath be as painful? Or…

COVID-19 has upended, along with everything else, the balance sheets of the nation’s elementary and secondary schools. As soon as school buildings closed, districts faced new costs associated with distance learning, ranging from physically distributing instructional packets and up to three meals a day, to supplying instructional programming for television and distributing Chromebooks and internet…

COVID-19 has upended, along with everything else, the balance sheets of the nation’s elementary and secondary schools. As soon as school buildings closed, districts faced new costs associated with distance learning, ranging from physically distributing instructional packets and up to three meals a day, to supplying instructional programming for television and distributing Chromebooks and internet…