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Global Economy skating on thin ice says World Bank

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By Dana Malcolm

Staff Writer

 

January 11, 2023 – The global economy is now so fragile that the slightest unfavorable development could push it into a recession and developing economies are staring down the barrel of sharp poverty rises and snail’s pace economic growth.  This is the outlook of The World Bank according to a press release on Tuesday.

The bank said any new adverse development—such as higher-than-expected inflation, abrupt rises in interest rates to contain it, a resurgence of the COVID-19 pandemic or escalating geopolitical tensions—all of which is happening on a small scale currently—could push the global economy into recession.

This would mark the first time in more than 80 years that two global recessions have occurred within the same decade.

Economic growth is expected to be only 1.7 percent globally the downturn is expected to affect nearly every country across the globe including  95% of advanced economies and nearly 70% of emerging market and developing economies.  For Latin America and the Caribbean the outlook is even worse.  Growth is projected to slow to a low 1.3% in 2023 before recovering to 2.4% in 2024.

David Malpass, World Bank Group President explained what could happen to small developing economies like so many in The Caribbean projecting little investment opportunities and barely any growth that will affect all areas of life.

“Emerging and developing countries are facing a multi-year period of slow growth driven by heavy debt burdens and weak investment as global capital is absorbed by advanced economies faced with extremely high government debt levels and rising interest rates.  Weakness in growth and business investment will compound the already-devastating reversals in education, health, poverty, and infrastructure and the increasing demands from climate change.”

The bank says investment in emerging economies will likely to grow by less than half the rate that prevailed in the previous two decades and even though global inflation is expected to moderate, it will remain above pre-pandemic levels.

With this in mind the report called upon the global community to assist small states by maintaining the flow of official assistance to support climate-change adaptation and help restore debt sustainability.

Caribbean News

CANARI outlines climate priorities ahead of Cop28

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Rashaed Esson

Staff Writer

 

The Caribbean Natural Resources Institute (CANARI) informed that the Caribbean Climate Justice Alliance, in preparation for the upcoming annual COP28 in 2023, launched its “Caribbean Climate Justice and Resilience Agenda,” outlining the priorities for climate justice and resilience in vulnerable Caribbean small island developing states (SIDS).

 

In a press release, CANARI highlighted that the agenda recognizes the major threat of climate change to the region as well as aims to louden the voices of the at-risk groups “on the frontlines of the climate crisis and catalyze actions for climate justice and local resilience in the Caribbean SIDS.”

 

The priorities stated under the agenda are:

 

  1. Curbing emissions to limit global temperature

increase to 1.5 ̊C

 

  1. Scaling up locally-led solutions for adaptation and

loss and damage

 

  1. Improving access to and delivery of climate finance

for frontline communities, small and micro enterprises, and civil society organizations as part of a ‘whole of society’ approach

 

  1. Scaling up just, nature-based solutions for resilience

 

  1. Supporting a just transition for pro-poor, inclusive,

sustainable and resilient development

 

  1. Promoting gender equity and social inclusion

approaches to climate action

 

  1. Promoting youth and intergenerational equity as

core to the climate response

 

  1. Integrating a rights-based and earth-centered

approach in addressing all these priorities and ensuring climate justice

 

The at-risk groups referred to in the release include small-scale farmers and fisherfolk, rural women producers, income-poor people, elderly and disabled people, Indigenous and Afro-descendant communities, migrants, and LGBTQIA+ people.

 

Being cognizant of the severity of the effects of climate change on the Caribbean, CANARI referred to the fact that the very existence of the region is on the line.

 

“If greenhouse gas emissions continue unabated and global temperature exceeds 1.5 ̊C, the impacts of rising sea levels, more intense hurricanes, rainfall variability, ocean acidification, and other changes threaten the very existence of our way of life in the Caribbean and other SIDS that have contributed the least to global emissions.”

 

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Bahamas News

CARICOM Sec Gen speaks on Gender Based Violence

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Rashaed Esson

 

Staff Writer 

 

“Everyone must continue to invest in preventing violence against our women and girls (VAWG). It is an investment in our shared future,” were the words of Dr. Carla N. Barnett, CARICOM Secretary-General, as she reiterated the need for solutions against VAWG.

 

She called attention to VAWG as she gave a speech surrounding the annual campaign “16 Days of Activism Against Gender-Based Violence,” which runs from November 25 to December 10, 2023.

 

Barnett expresses the well-known fact that VAWG is one of the most prevalent issues affecting all corners of society.

 

“VAWG remains one of the most pervasive forms of human rights violations in the world and cuts across all races, cultures, genders, and educational backgrounds,” she maintained, as she continued to point out the sad reality that this is still a major issue despite regional and global policies.

 

“Despite the existence of regional and global policies and legislation to combat VAWG, weak enforcement and discriminatory practices remain significant barriers to ending VAWG.”

 

The Secretary-General highlighted statistics for VAWG, bringing attention to how serious and embedded this issue is in society.

 

She said that globally, 736 million women—nearly one in three—have experienced violence—physical and/or sexual intimate partner violence, non-partner sexual violence, or even both.

 

For the Caribbean region, she said surveys conducted between 2016 and 2019 inform us that one in two women experience intimate partner violence, which is higher than the global average. 

 

In continuation, Barnett expressed that the campaign calls everyone to action against VAWG, including “development partners, civil society organizations, women’s organizations, youth, the private sector, and the media.”  Also, world governments are being asked to share how they are investing in gender-based violence prevention.

 

Ending her address, the Secretary-General urged everyone to wear the color orange for the duration of the campaign, as well as on the 25th of each month, “as a symbol of hope for a brighter future where women and girls live free from violence.”

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Caribbean News

Support for Flood-Affected Farmers

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#Kingston, November 26, 2023 – A total of $157 million is to be provided by the Ministry of Agriculture, Fisheries and Mining, to support farmers affected by the recent heavy rains from Potential Tropical Cyclone 22.

Portfolio Minister, Hon. Floyd Green, made the announcement during a National ‘Eat Jamaican Day’ ceremony in Portland on Friday (November 24).

The Minister lamented that the country had moved from a period of harsh drought to the next extreme – flooding.

“A number of our farmers suffered tremendous loss and the team from RADA (Rural Agricultural Development Authority) has been out since last week Saturday, trying to quantify what has been the losses that have been suffered by our farmers,” he said.

According to the Minister, preliminary figures reveal that $274 million in damage was done to the agricultural sector, with livestock farmers suffering about $25 million in losses; equipment loss of over $10 million; $173 million in crop loss; and $64 million in damage to the farm road network.

“The good news is that we are not going to leave our farmers alone and we know, as they said to the Prime Minister when he toured last week, that once they get some support, they are willing to go back out and farm,” Mr. Green indicated.

The $157 million support package from the Ministry will be used in several ways. A total of $70 million is to be provided for crop support – inputs, seeds, and fertilizers – and another $8 million for equipment support.

A total of $15 million will be expended for support to livestock and $64 million will be used to rehabilitate farm roads.

Minister Green also announced that resulting from a gift from the Kingdom of Morocco, 24,000 bags of fertilizers will be distributed among farmers over the next two weeks.

The Minister informed that the parish that was most affected by the recent weather event was St. Thomas and that, “almost every farming community in St. Thomas suffered from flood damage.”

Farming communities in St Andrew were also cut off because of landslides.

 

Contact: Mickella Anderson-Gordon

 

Photo Caption: Minister of Agriculture, Fisheries and Mining, Hon. Floyd Green.

Photo by Mark Bell

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