Banking services chronicle

Banking services chronicle

Banking services chronicle  Published this article page no  18 The reliability of World Bank reports and its predictions on economic performances have been questioned. Conclusion Deep reforms of the World Bank and IMF are necessary as part of rethinking the current world order and giving rising powers and developing countries a meaningful voice in this institution. Failure to adapt to the changing world order could see rising powers going their own way. Such a development would signify the emergence of multipolarity without multilateralism and create a climate of conflicting interests and values among a diverse group of countries. These institutions have an important role to play in the developing world. It could do much more if the western nations relaxed its grip on the institution. Related News A new global economic consensus Cornwall Consensus. In a report the G7 Economic Resilience Panel demands a radically different relationship between the public and private sectors to create a sustainable equitable and resilient economy.Since 1989 Washington Consensus (WC) defined the rules of the game for the global economy. The alternative is the recently proposed Cornwall Consensus. o Whereas the Washington Consensus minimized the states role in the economy and pushed an aggressive freemarket agenda of deregulation privatisation and trade liberalisation.However having narrowly avoided a global economic crisis twice (first in 2008 and then in 2020 COVID crisis) WC has proven to be incapable of responding effectively to economic ecological and epidemiological shocks. o The Cornwall Consensus (reflecting commitments voiced at the G7 summit in Cornwall England last June) would try to invert these imperatives Banking services chronicle  buy.

Banking services chronicle