For the 21st century President Xi Jinping of China has proposed a new economic Silk Road, that will reconnect his country with Southeast Asia and the Middle East. Dubbed the Belt and Road Initiative (BRI), it will have an economic impact on three billion people and will create the biggest global market. This new trade enterprise started in 2013, has become the cornerstone of China’s foreign economic policy. President Xi considers the endeavor as having unparalleled potential. As the most powerful Chinese […]
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Portugal: Economic Recovery But Massive Debt And A Fragile Banking System Remain
In November of 2015, Antonio Costa the incoming Socialist Prime Minister of Portugal, was able put together a government, by aligning himself with the far left. There were many who felt this political coalition would be short-lived, since it seemed unworkable. His campaign pledge had been to reverse the punishing austerity measures but, to also meet quite challenging fiscal targets. Due to an improving economy and fiscal discipline, the government under the leadership of Prime Minister Costa, was able to reduce the […]
Venezuela On The Precipice Of Civil War As The Economy Collapses
The economic downward spiral for Venezuela is reaching a critical stage. Desperate citizens wait in line for hours, just for the opportunity to buy dwindling supplies of basic food and provisions. As the authoritarian regime clings to power, the country nears the precipice of open civil war. The socialist economy created by former President Hugo Chavez in the early 2000s and continued by his successor Nicolas Maduro, has totally broken down. The economy has already shrunk by a third, in the last […]
Algeria: Economic Crisis and Political Stagnation As An Era Draws To A Close
National Assembly elections will be held this week in Algeria. The electorate of 22 million, are somewhat apathetic to the prospect. This is because many Algerians assume the polls are fixed and the ruling party will continue to win by a large margin. As the economic crisis mounts, the frustration of the populace will intensify. Despite Algeria being the 6th largest gas exporter globally, the economy is slowing, given the over- reliance on the energy sector for growth. In 2016, revisions were made […]
Democracy And The Economy In Honduras Under Siege
Honduras is the second largest nation in Central America, after Nicaragua. With a relatively small population of 8.4 million, it is also the poorest country in the region, with the exception of its neighbor Nicaragua. Over the years, the political instability of the country and the entrenched political elite, have slowed the modernization of Honduras. The lack of real democracy and economic freedom over the years, has helped keep over 50% of the populace of Honduras in poverty. The economy is still based […]
Libya Tries Again To End The Civil War And Resume Steady Oil Production
There was a recent rebound in international oil prices. This was partially attributed to another shutdown at the largest oilfield in Libya. The Sharara was forced off line, by a group that blocked a pipeline linking it to an oil terminal. The field had only just returned to production, after a week-long stoppage ending in early April. It seemed to be another indication that the supply of oil from Libya, can no longer be relied on for a regular flow of crude. […]
Belarus: A Quick End To Possible Economic And Political Reforms
Belarus has the geographic misfortune of being placed between a militarily resurgent Russia and an enlarging Western alliance. Since the mid 1990’s, the country has been under the authoritarian rule of President Alyaksandr Lukashenka. Although the country has remained in the economic and political orbit of Russia, the president has always maintained opens channels with the European Union. President Lukashenka became frightened with the invasion of Crimea and the subsequent annexation of the territory, from Ukraine in the spring of 2014. In […]
Paraguay: The Inevitable Move Towards Political Dictatorship
Latin America in the modern era, has struggled with a peaceful transfer of power, once a presidential term in office has been completed. Politicians on the right and more recently on the left, will attempt to cling to power, by changing constitutional and election laws. As a result, dictatorships have become quite common. Paraguay has been no different in this regard. Alfredo Stroessner served as President of Paraguay from 1954 to 1989. He ascended to the office after leading an army coup, […]
Bulgaria: Despite Recent Economic Growth, Elections Still Mask Massive Corruption
The center right GERB (Citizens for European Development of Bulgaria) party of Bulgaria, won the general parliamentary election held on March 26th. This will permit the leadership of the party to form another government, since the previous administration resigned last November. This had triggered the snap election that took place last weekend. This is Bulgaria’s third election in four years. Analysts remain skeptical, that the electoral results regardless of their final outcome, will be able to make much headway in the widespread […]
Moldova Struggling For A Better Future, Amidst Political Chaos
Moldova has struggled since independence arrived, with the breakup of the Soviet Union, at the end of the Cold War in 1991. The country remains Europe’s poorest country, due to lack of economic development and rampant corruption. A massive banking theft has left the country near insolvent. The long term survival of Moldova, with a population of just 3.5 million, still remains in doubt. The economy of Moldova remains heavily reliant on agriculture. Structural reforms will be needed to promote sustainable growth […]