Thursday, May 7, 2009

Who would’ve thought that the Third World would get to see this day

ZEE BUSINESS BEST B SCHOOL SURVEY

Recession hits the World Bank :-)

Surprise surprise, the IMF is now eyeing countries like China, Brazil, Gulf countries, South East Asian countries and India to get some ‘funds’. Though Japan, which has been hit hard by global meltdown, continues to fork out large amounts of money for the IMF and World Bank (Recently, the Japanese government donated a gigantic $100 billion to the IMF), economists say the IMF would still need a minimum of $500 billion to start its ‘good work’ for battered economies globally. Not very strangely, the US and its allies are not in that comfortable a position to offset the additional amount after being severely affected by the global recession. Tier talk even goes of the US ‘guiding’ IMF towards Third World countries for its new loan requirements.

The hope of a more democratic and participative world where today’s influential countries are not necessarily the deciders of global policy, is becoming truer, strangely because of an extremely negative economic condition. The true emergence of multi-lateralism would perchance be proven only after the next few years are past and the IMF & World Bank’s cry wolf constitutional change is tested to the hilt. Till then, let them damn the recession!


For more articles, Click on IIPM Article.
Source :
IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and
Arindam Chaudhuri (Renowned Management Guru and Economist).


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