Current location:style >>
Build a new world economic order with emerging forces: Italian economist
style59481People have gathered around
IntroductionContainers 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.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Culture Channel news portal”。http://micronesiafederatedstatesof.prpsystems.net/html-38c099871.html
Related articles
Who is Jacob Zuma, the former South African president disqualified from next week's election?
styleJOHANNESBURG (AP) — Former South African President Jacob Zuma was barred Monday from running for Par ...
【style】
Read moreVOX POPULI: Early spring fills us with regret at missing out on winter’s charms
styleSosei (844-910), a “waka” poet and Buddhist priest who was one of the Thirty-Six Immortals of Poetry ...
【style】
Read morePolitics updates: Follow updates for the latest on government targets
style...
【style】
Read more
Popular articles
- Hollywood star Shia LaBeouf is spotted on the streets of Gavin and Stacey's hometown Barry
- Woman charged over Auckland hit
- Donald Trump's Georgia judge dismisses some criminal charges
- China is drilling some of the deepest holes in hunt for natural resources
- Dodgers acquire pitcher Yohan Ramírez from Mets for cash
- Alarm over 'strange' illness that has killed four and sickened dozens more in Nigeria
Latest articles
Everybody may love Raymond, but Ray Romano loves Peter Boyle
Hong Kong lawmaker's petition opposing Gay Games is prejudiced, activist says
In pictures: Auckland's Ramadan Night Markets in New Lynn
Alarm over 'strange' illness that has killed four and sickened dozens more in Nigeria
Biden says Brown v. Board of Education ruling was about more than education
VOX POPULI: Young texters have rendered punctuation marks obsolete
LINKS
- China to ease tour restrictions for festival
- USA Badminton leader's 5
- China secures last four spots in Thomas & Uber Cup
- Islamic Jihad commander killed in Rafah: Israeli army
- Texas woman, 34, gives birth to '15million to one' identical QUADRUPLETS
- China's Lin dashes Fan's title defense hopes at ITTF World Cup
- Islamic Jihad commander killed in Rafah: Israeli army
- Guangdong avenge Shandong, seal 6th straight win
- On the field at least, the Nationals and Orioles have had a pretty friendly rivalry
- Cruise ship worker accused of stabbing 3 people with scissors on board vessel bound for Alaska