Current location:opinions >>
Build a new world economic order with emerging forces: Italian economist
opinions4937People have gathered around
IntroductionContainers are piled up at Nansha Port in Guangzhou, Guangdong province, in April, 2022. [Photo/Chin ...
Containers are piled up at Nansha Port in Guangzhou, Guangdong province, in April, 2022. [Photo/China News Service]
In a world marked by increasing instability, uncertainty and challenges to global economic growth, the need for a new world economic order has emerged as a platform for promoting international economic cooperation and recovery, Italian economist and businessman said on Saturday.
Giancarlo Elia Valori, in an op-ed in Modern Diplomacy, wrote that it becomes crucial to rethink the existing international economic order and address the institutional and structural contradictions that underlie these crises through the aftermath of the international financial crisis and the slow economic growth in developed economies alongside high unemployment rates.
"The sovereign debt problems of the United States and European countries have caused hidden concerns in the world economy and have become one of the major risks threatening the stability and growth of the world economy today and in the coming years," he said.
According to Valori, emerging economies have proven to be powerful economic engines, with China leading the way with its remarkable growth rate. The BRICS countries collectively account for a substantial portion of the world's population, land surface, GDP, trade volume and foreign exchange reserves.
"Such huge-scale economic changes have traditionally altered the international economic landscape and balance of power," he wrote.
"Without the economic development of Third and Fourth World countries, there will be no long-term stable development of the world economy," Valori said. "Developed countries should fulfil their international commitments as soon as possible and provide more support and assistance to developing countries in terms of capital, technology and political leeway."
Valori wrote that the dominant position of the United States in the international monetary and financial system, primarily through the US dollar, has undergone visible structural depreciation trends.
Amidst the debt crisis in the United States and the European Union, the resurgence of trade protectionism poses a significant challenge, Valori said. However, protectionism ultimately fails to save ailing economies and instead damages cooperative relationships with trading partners.
"The international community should therefore oppose all forms of trade protectionism and support a strong, open and rules-based multilateral trading system, represented by the World Trade Organization, in order to support the current progress of the Doha Round negotiations, the aim of which is to promote the first positive, comprehensive and balanced results of the negotiations and build a fair and reasonable international free trade system," he said.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“World Window news portal”。http://eritrea.shellye-mcdaniel.com/content-16e499905.html
Previous:Shohei Ohtani's first walk
Next:Here comes the char
Related articles
College baseball notebook: Conference tournaments to decide NCAA automatic bids and many at
opinionsThe field for the NCAA baseball tournament will take shape this week with conference tournaments det ...
【opinions】
Read moreChina's top legislature to hold closing meeting on Monday
opinionsThe 14th National People's Congress, China's top legislature, will hold the closing meeting of its s ...
【opinions】
Read morePeaceful principles playing key role in intl relations, FM says
opinionsForeign Minister Wang Yi said the Five Principles of Peaceful Coexistence have become basic norms go ...
【opinions】
Read more
Popular articles
- Not so Cool Britannia! Noel Gallagher gives damning verdict on Keir Starmer
- BRI an 'opportunity for all', says FM
- Xi inspects Changsha in central China's Hunan Province
- Strides made toward more global diversity
- Philippines blames China for loss of giant clams in disputed shoal and urges environmental inquiry
- China's top legislature to hold closing meeting on Monday
Latest articles
What a blast to work at NASA. Space agency is sky
China welcomes Hungary's visa facilitation measures: FM spokesperson
Xi congratulates Zardari on Pakistan presidency win
Legislators eye growth boost
Minnesota Uber and Lyft driver pay package beats deadline to win approval in Legislature
Japan offers $20m to IAEA during agency's head visit
LINKS
- Italy earns 5th Champions League spot for next season because of overall success in Europe
- Dutch soccer club Vitesse docked points and relegated during probe of Russian ties to Abramovich
- Taylor Swift channels her bridal Grammy look in Fortnight video teaser
- Tesla recalling nearly 4,000 Cybertrucks because accelerator pedal can get stuck
- Pennsylvania board's cancellation of gay actor's school visit ill
- NOT REAL NEWS: A look at what didn't happen this week
- Man United overhaul under Ratcliffe extends to new technical director
- Rock trailblazer Heart reunites for a world tour and a new song
- Europe discards Arsenal and Liverpool shift focus to EPL title race
- Pregnant Rooney Mara dresses her baby bump in head