By Radwan Jakeem

NEW YORK (IDN) — A new United Nations report shows that the rapid spread of the Omicron COVID-19 variant has halted a rapid recovery, countering signs of solid growth at the end of 2021. The report titled, 2022 World Economic Situation and Prospects (WESP) by the UN Department of Economic and Social Affairs (DESA) cites problems contributing to the slowing down of the economy: new waves of COVID-19 infections, persistent labour market and lingering supply-chain challenges, as well as rising inflationary pressures.…

By Caroline Mwanga

NEW YORK | YANGON (IDN) — By early 2022, nearly half of Myanmar’s 55 million population—some 25 million people—will be living below the national poverty line, according to the United Nations Development Programme (UNDP). A survey leaves no doubt that the country’s poverty headcount is likely to return to levels not seen since 2005, effectively erasing 15 years of pre-pandemic economic growth.…

Viewpoint by Shameran Abed

The writer is Executive Director, BRAC International. Originally founded in 1972 as the Bangladesh Rehabilitation Assistance Committee and later known as the Bangladesh Rural Advancement Committee, BRAC’s operations have grown globally and with that growth, the organization is now simply known as BRAC.

DHAKA (IDN) — It is time we start treating extreme poverty as the global emergency it is. This International Day for the Eradication of Poverty, October 17, we are looking at 100 million more people being forced into extreme poverty by the end of 2021 as a result of COVID-19, joining nearly 700 million people who were living in extreme poverty before the pandemic struck.…

Viewpoint by Jonathan Power*

LUND, Sweden (IDN) — Adam Smith who in 1776 wrote “The Wealth of Nations”, the Bible of capitalism, which has become the standard economics text for over two centuries, was quick to single out monopolistic tendencies as the most important tool in undermining the virtues of capitalism. It kept the poor poor. The laws that give these capitalists their freedom to exploit the marketplace, so-called rent-seeking, “may be said to be all written in blood”. At the moment, Amazon is in the firing line for practicing such practices. Indeed, a majority of Silicon Valley companies rent-seek. Big pharma companies, like Pfizer, which is expecting this year 25% profits on its corona virus vaccine are another.…

By Radwan Jakeem

NEW YORK (IDN) — Eminent thought leaders in economic and social fields have called for fundamental change in the multilateral system in the spirit of international solidarity to combat the severe impacts of COVID-19. They comprise the United Nations High-level Advisory Board on Economic and Social Affairs, convened by the UN Department of Economic and Social Affairs (DESA).

In their two-day meeting middle of April, twenty Advisory Board members explored various approaches to confront the once-in-a-century crisis, with inequalities, climate change and lack of access to COVID vaccines topping the priority list.…