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It is difficult to calculate the real impact of COVID-19 pandemic on the global economy. According to World Bank’s Global Economic Prospects report, the global economy probably shrank by 4.3% in 2020 due to the ongoing pandemic.
China’s economy grew by 2.3% last year - the slowest pace in four decades. China’s strict lockdown measures, targeted support to businesses and rapid vaccination drive have put the economy back on a growth path with 6.5% growth in the last three months of 2020.
Launched in 2013, Belt and Road Initiative (BRI) strategically focused on leveraging the physical proximity advantage by reaching out to 138 countries. By early January 2020, BRI had planned to invest more $3 trillion in 2,971 projects.
An uneven global economic recovery in 2021 promises to invert a longstanding principle of success and failure
“All happy families are alike; each unhappy family is unhappy in its own way.”
Leo Tolstoy, Anna Karenina
The opening sentence of Tolstoy’s Anna Karenina is among the most famous in world literature, but it has a special significance to economists, for whom it represents a principle that can be applied in multiple contexts and fields of study. The Anna Karenina principle states that success requires the comprehensive fulfillment of a set of necessary conditions, and the absence of any one of those conditions will lead to failure. Consequently, successes are all fundamentally similar, as they reflect the presence of the same array of factors, while failures are diverse, with each stemming from its own unique deficiencies.
Trade Troubles in Texas
The export king will keep its crown, but will the economy lose a growth engine?
By
W. Michael Cox and Richard Alm
Published in
D CEO
April
2021
Photo via Shutterstock: Chart Source SMU Cox School of Business
Texas surged past California in the late 1990s to emerge as America’s No.1 exporting state, and it just continued to build its lead over the next quarter-century. In 2019, overseas sales hit an all-time high of nearly $329 billion, far ahead of runner-up California’s $174 billion.
In 2020, the COVID-19 pandemic staggered global commerce, and Texas exporters took their lumps, just like everyone else. The state’s shipments finished the year 15 percent behind the 2019 total a bit worse than the nation’s 13 percent. If the pandemic fades and normalcy returns, Texas exports should rebound this year, but what happens beyond that? Will exports still deliver the same kick to economic growth?
Accounting in a world reshaped by COVID-19
April 16, 2021 | 8:05 am
Special Features Writer
There are few things in history that have caused a titanic upheaval to modern society like the coronavirus disease 2019 (COVID-19). Aside from plunging the world economy into the worst global recession since the Second World War, according to the World Bank, the pandemic has also exacerbated the risks associated with a decade-long wave of global debt accumulation, as well as steepening the long-expected slowdown in potential growth over the next decade.
In his foreword to this year’s
Global Economic Prospects report, World Bank Group President David R. Malpass noted that “making the right investments now is vital both to support the recovery when it is urgently needed and foster resilience. Our response to the pandemic crisis today will shape our common future for years to come. We should seize the opportunity to lay the foundations for a durable, equitable, and sustainable global ec