After a year of extreme weather, developing countries face a climate 'fiscal cliff' at the end of 2012, as Fast Start Finance expires and the Green Climate Fund remains empty. New Oxfam analysis of Fast Start Finance reveals that much of it has been a false start. Governments have not delivered on commitments made in Copenhagen to ensure that the funding was new, additional, and balanced across adaptation and mitigation projects. Developed nations must scale up climate finance from 2013, consider innovative proposals to raise public climate finance, and make pledges to the Green Climate Fund which otherwise will remain an empty shell for the third year in a row.
Topic:
Climate Change, Development, Economics, Environment, Third World, and Financial Crisis
The earthquake that hit Haiti on 12 January 2010 resulted in one of the largest and most complex humanitarian emergencies in history. In response, humanitarian agencies undertook one of the biggest and most challenging operations ever, mainly in a densely urbanized area.
With the outlook for exports subdued and investment weak, we expect industrial output growth to slow further in 2012H1. But consumption is taking up the slack and fiscal policy is set to be supportive. As a result, we only expect a relatively modest slowing in growth in 2012 to 8.4% from 9.2% in 2011. But with house prices still falling in December, we remain concerned about the risk of a sharp slowing in the property market leading to strains on local government finances and a hard landing for growth, particularly with the external environment weak. However, central government finances are strong and fiscal transfers could provide a significant cushion in the event of a property bust.
Topic:
Communism, Economics, Government, International Trade and Finance, and Global Recession
The floods that began in August 2011 resulted in one of the most destructive disasters that Pakistan has experienced. More than five million people have been affected: 1.8 million people were left homeless and more than 2.2 million acres of crops were lost, resulting in agricultural losses of nearly $2 billion.
Topic:
Economics, Humanitarian Aid, Poverty, and Natural Disasters
Humanity's challenge in the 21st century is to eradicate poverty and achieve prosperity for all within the means of the planet's limited natural resources. In the run-up to Rio+20, this discussion paper presents a visual framework – shaped like a doughnut – which brings planetary boundaries together with social boundaries, creating a safe and just space between the two, in which humanity can thrive. Moving into this space demands far greater equity – within and between countries – in the use of natural resources, and far greater efficiency in transforming those resources to meet human needs.
Topic:
Development, Economics, Environment, Poverty, and Natural Resources
The first anniversary of the European External Action Service (EEAS) finds the European Union (EU) in the midst of an economic, financial, and identity crisis that has aggravated the ongoing decline in Europe's stature on the global scene as new political and economic actors emerge. The new diplomatic service provides the EU with an opportunity to address its shortcomings in foreign policy by bringing greater coherence to external policy making; by enhancing consistency across EU instruments; and by adopting a more comprehensive and strategic approach to global challenges.
Topic:
Foreign Policy, Diplomacy, Economics, and International Trade and Finance
In 2010, the G20 committed themselves to promoting inclusive and sustainable economic growth. They argued that 'for prosperity to be sustained it must be shared' and also endorsed 'green growth', which promises to decouple economic expansion from environmental degradation. But G20 countries have some way to go to match this commitment. This paper assesses their record, and points the way forward.
Topic:
Climate Change, Economics, International Organization, International Trade and Finance, and Poverty
The combination in the UK of economic stagnation and public spending cuts is causing substantial hardship to people living in poverty. This amounts to a 'Perfect Storm' of falling incomes, rising prices, public service cuts, benefit cuts, a housing crisis, and weak labour rights. By making different political choices, the government can both protect people in poverty and help to stimulate economic recovery in the short term, and set the UK on the way towards economic, social and environmental sustainability in the long term.
Topic:
Economics, Environment, Poverty, Labor Issues, and Financial Crisis
Richard Jolly, Frances Stewart, Giovanni Andrea Cornia, Stephany Griffith-Jones, Rolph van der Hoeven, Diane Elson, Carlos Fortin, Gerry Helleiner, Raphie Kaplinsky, Richard Morgan, Isabel Ortiz, and Ruth Pearson
Publication Date:
05-2012
Content Type:
Book
Institution:
Oxfam Publishing
Abstract:
Pushed to extremes, austerity is bad economics, bad arithmetic, and ignores the lessons of history. We, an international group of economists and social scientists, are outraged at the narrow range of austerity policies which are bringing so many people around the world to their knees, especially in Europe. Austerity and cutbacks are reducing growth and worsening poverty. In our professional opinions, there are alternatives – for Britain, Europe and all countries that currently imagine that government cutbacks are the only way out of debt. The low-growth, no-growth trap means that the share of debt in GNP falls ever more slowly, if at all. It may even rise – as it has in some countries.
Topic:
Debt, Development, Economics, Foreign Aid, and Financial Crisis
This issue briefing highlights the increasing use by development finance institutions of financial intermediaries to channel their funding. It identifies features of this lending and the implications for affected communities' access to land and resources. It also provides recommendations for addressing concerns related to these investments.
Topic:
Development, Economics, International Trade and Finance, Markets, and Natural Resources