This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizable fiscal and monetary policy ammunition accumulated during prior years of strong growth. However, their growth prospects have weakened since then, and many now have less policy space. This study provides the first comprehensive stocktaking of the past decade from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and prepare for the possibility of another global downturn.

Global growth is projected to slow significantly in the second half of this year, with weakness continuing in 2024. Inflation pressures persist, and tight monetary policy is expected to weigh substantially on activity. The possibility of more widespread bank turmoil and tighter monetary policy could result in even weaker global growth. Rising borrowing costs in advanced economies could lead to financial dislocations in the more vulnerable emerging market and developing economies (EMDEs). In low-income countries, in particular, fiscal positions are increasingly precarious. Comprehensive policy action is needed at the global and national levels to foster macroeconomic and financial stability. Among many EMDEs, and especially in low-income countries, bolstering fiscal sustainability will require generating higher revenues, making spending more efficient, and improving debt management practices. Continued international cooperation is also necessary to tackle climate change, support populations affected by crises and hunger, and provide debt relief where needed. In the longer term, reversing a projected decline in EMDE potential growth will require reforms to bolster physical and human capital and labor-supply growth.

The failure on the part of Banks to enforce rigorous self regulation has precipitated a deep and prolonged global recession. This book provides a comprehensive review of principles, institutions and experience of financial regulation, to help illustrate current regulatory proposals.

Although the global economy is emerging from the collapse triggered by COVID-19, the recovery is likely to be subdued, and global GDP is projected to remain well below its pre-pandemic trend for a prolonged period. Several risks cloud the outlook, including those related to the pandemic and to rapidly rising debt. The pandemic has further diminished already-weak growth prospects for the next decade. Decisive policy actions will be critical in raising the likelihood of better growth outcomes while warding off worse ones. Immediate priorities include supporting vulnerable groups and ensuring a prompt and widespread vaccination process to bring the pandemic under control. Although macroeconomic policy support will continue to be important, limited fiscal policy space amid high debt highlights the need for an ambitious reform agenda that bolsters growth prospects. To address many of these challenges, global cooperation will be key. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces.

This paper takes stock of the global economic recovery a decade after the 2008 financial crisis. Output losses after the crisis appear to be persistent, irrespective of whether a country suffered a banking crisis in 2007–08. Sluggish investment was a key channel through which these losses registered, accompanied by long-lasting capital and total factor productivity shortfalls relative to precrisis trends. Policy choices preceding the crisis and in its immediate aftermath influenced postcrisis variation in output. Underscoring the importance of macroprudential policies and effective supervision, countries with greater financial vulnerabilities in the precrisis years suffered larger output losses after the crisis. Countries with stronger precrisis fiscal positions and those with more flexible exchange rate regimes experienced smaller losses. Unprecedented and exceptional policy actions taken after the crisis helped mitigate countries’ postcrisis output losses.

Responsible Investment Around the World considers economic recovery undertaken in different regions around the world. Financing policies and investment solutions are proposed that can responsibly help address the world’s most pressing issues – in climate change, social injustice, and access to healthcare.

"This year marks the tenth-year anniversary of the 2009 global recession. Many emerging market and developing economies (EMDEs) weathered the global recession relatively well, in part thanks to large, prompt, and global policy support. However, a short-lived rebound in activity has been followed by a decade of protracted weakness in the global economy. EMDEs have also experienced repeated growth disappointments during this period amid bouts of financial market stress, weak trade, and slowing poverty reduction. This book takes stock of the past decade and asks whether EMDEs are ready to face the next global downturn. To this end, it assesses the macroeconomic and financial developments over this period and draws lessons for EMDEs that should help policymakers as they prepare their countries for the next possible global downturn."--Abstract.

Written by some of the leading International Law scholars in the nation, International Law: Norms, Actors, Process: A Problem-Oriented Approach employs a unique problem-based approach to examining international issues. Using real-life case studies as teaching problems, the text explores the processes for making and applying international law, with an interdisciplinary approach that goes beyond mere doctrinal explanation. New to the Fifth Edition: An introduction to international law through the Julian Assange episode Presentation of state responsibility through the problem of cyber espionage and of the responsibility of international organizations through the problem of sexual assaults by UN peacekeepers Integration of new U.S. Supreme Court decisions on the Alien Tort Statute, jurisdiction, and other topics Analysis of the challenges that artificial intelligence and autonomous weapons pose to international humanitarian law Comprehensive treatment of the Paris Accord on Climate Change New cases and analysis on the role and legitimacy of international courts Professors and students will benefit from: Contemporary problems as a vehicle for learning international legal rules and processes Clear explanation of legal rules and institutions Interdisciplinary approach to international law with attention to the law’s relevance in global affairs Careful selection and editing of primary materials to produce a casebook of teachable dimensions Inclusion of maps, charts, and photographs Casebook website offering relevant texts and updates

Austerity has reconfigured and scaled back the governance and delivery of public services and negatively affected society’s most vulnerable groups. This book opens up the closed world of English prisons to examine its impact on prison health governance and healthcare delivery. It argues that austerity has been a decade-long, large-scale political experiment that has caused debt to balloon, eroded the prison health system and perpetuated a cycle of punishment resulting in sicker prisoners. In short, austerity has violated prisoners’ human rights. Drawing on interviews and data from existing longitudinal and economic analyses, the book demonstrates how austerity has resulted in high rates of recidivism, diminished what remains of the welfare state, and increased inequality and punitiveness. Despite a decade of failure, there is a marked political reluctance to dispense with austerity, and the governmental juggernaut continues to produce the same result. As the spectre of recession increases, caused in part by Brexit and COVID-19, these failures are ever more perilous. This book blends the interdisciplinary perspectives of criminology, public health, sociology, law, social policy, politics, and economics to enable greater understanding of the impact of austerity on health governance, prison healthcare, the prison workforce, and prisoners’ health and safety. It challenges current policy, practice and thinking, and is a must read for anyone who wants to reflect on how the political economic structure can affect the governance and delivery of healthcare services in marginalised settings, beyond prisons, and indeed beyond England.

It is impossible to view the news at present without hearing talk of crisis. This timely book looks at how three major crises – the economy, pandemic and climate – are related to the crisis of work, making it more precarious, intense and unequal. Providing an original and critical synthesis of recent trends in the field, expert scholars offer a programme for transcending the crisis of work. Offering a timely contribution to understanding the important issues facing the world, this book presents an important new way of thinking about work in contemporary societies.