Women who migrated to the Wangjia community participate in local activities at the community centre in Tongren City, Guizhou Province, April 2021.
Greetings from the desk of the Tricontinental: Institute for Social Research.
Confounding news comes from the flagship World Economic Outlook report of the International Monetary Fund (IMF). The report highlights many of the pressing issues facing our planet: disruptions in the global supply chain, rising shipping costs, shortages of intermediate goods, rising commodity prices, and inflationary pressures in many economies. Global growth rates are expected to touch 6% in 2021 and 4.9% in 2022, driven by higher global government debt. According to the report, this debt ‘reached an unprecedented level of close to 100% of the global GDP in 2020 and is projected to remain around that level in 2021 and 2022’. Developing countries’ external debt will remain high, with little expectation of relief.