HARDEV KAUR: Seeking coherent solutions in a troubled world

BY all accounts, the world economy is in for a bumpy ride. Growth forecasts are being revised downwards. Recession is being talked about more frequently and inflationary pressures around the world are definitely on the rise. The International Monetary Fund (IMF), the Organisation for Economic Cooperation and Development (OECD) and the Asian Development Bank (ABD) have all issued notes of caution on the health of the world economy. All forecasts are for a slower activity in the second half of this year. The volatile oil price, which hit a high of US$147 (RM480) a barrel before retreating, and rising food and fuel prices which have added to the inflationary pressures are a matter of concern. According to the IMF: "The global economy is in a tough spot, caught between sharply slowing demand in many advanced economies and rising... [read full story]