The new Zambian president faces long-term challenges

2021 ◽  
Keyword(s):  
National Development ◽  
Social Costs ◽  
Debt Restructuring ◽  
Content Type ◽  
Fiscal Constraints ◽  
Reform Programme ◽  
The Social ◽  
Voter Suppression ◽  
Spending Cuts

Significance Hichilema's surprise win came despite extensive voter suppression and intimidation attributed to former President Edgar Lungu and the ruling Patriotic Front (PF) against supporters of Hichilema’s United Party for National Development (UPND). Impacts The broad scope of Hichilema’s reform programme will pose difficulties of prioritisation, particularly within current fiscal constraints. Higher copper prices may mitigate some of the social costs associated with debt restructuring and spending cuts. The cancellation of a meeting between President Joe Biden and Hichilema over LGBT rights concerns may complicate relations with Washington.

scholarly journals The ‘new’ Philippine future “beside” the exodus

2020 ◽  
Vol 10 (1) ◽  
pp. 53-68
Author(s):  
Jeremaiah M. Opiniano
Keyword(s):  
The Philippines ◽  
Social Consequences ◽  
Social Costs ◽  
Economic Empowerment ◽  
Content Type ◽  
The Social ◽  
Development Data ◽  
Economic Constraints ◽  
Migration And Development

PurposeThe purpose of this paper is to review the international migration-and-development story of the Philippines, amongst the leading migrant-origin countries.Design/methodology/approachMigration and socio-economic development data are used to depict the migration-and-development conditions of the Philippines.FindingsThe Philippines has mastered the management of overseas migration based on its bureaucracy and policies for the migrant sector. Migration also rose for decades given structural economic constraints. However, the past 10 years of macro-economic growth may have seen migration and remittances helping lift the Philippines' medium-to-long term acceleration. The new Philippine future beside the overseas exodus hinges on two trends: accelerating the economic empowerment of overseas Filipinos and their families to make them better equipped to handle the social costs of migration; and strategizing how to capture a “diasporic dividend” by pushing for more investments from overseas migrants' savings.Research limitations/implicationsThis paper may not cover the entirety of the Philippines' migration-and-development phenomenon.Practical implicationsImproving the financial capabilities of overseas Filipinos and their families will lead to their economic empowerment and to hopefully a more resilient handling of the (negative) social consequences of migration.Social implicationsIf overseas Filipinos and their families handle their economic resources better, they may be able to conquer the social costs of migration.Originality/valueThis paper employed a population-and-development (PopDev) framework to analyse the migration-and-development conditions of the Philippines.

Accounting for gaming in the time of plague: COVID-19 in Macau

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Carlos Noronha ◽  
Jieqi Guan ◽  
Sandy Hou In Sio
Keyword(s):  
Critical Event ◽  
Gaming Industry ◽  
Content Type ◽  
The Public ◽  
The Social ◽  
Social Account ◽  
The Government ◽  
The Impact ◽  
Practical Implications

Purpose While the COVID-19 virus has been spreading worldwide, some studies have related the pandemic with various aspects of accounting and therefore emphasized the importance of accounting research in understanding the impact of COVID-19 on society as a whole. Recent studies have looked into such an impact on various industries such as retail and agriculture. The current study aims at applying a sociological framework, sociology of worth (SOW), to the gaming industry in Macau, the largest operator of state-allowed gambling and entertainment in China, which will allow for its development during the COVID-19 pandemic to be charted. Design/methodology/approach The study uses the theory of SOW as a framework and collects data from various sources, such as the government, gaming operators and the public, to create timelines and SOW frameworks to analyze the impact of the virus on the gaming industry and the society as a whole. Findings Detailed content analysis and the creation of different SOW matrices determined that the notion of a “lonely economy” during a time of a critical event may be ameliorated in the long term through compromises of the different worlds and actors of the SOW. Practical implications Though largely theory-based, this study offers a thorough account of the COVID-19 incident for both the government and the gaming industry to reflect on and to consider new ways to fight against degrowth caused by disasters or crises. Social implications The SOW framework divides society into different worlds of different worths. The current study shows how the worths of the different worlds are congruent during normal periods, and how cracks appear between them when a sudden crisis, such as COVID-19, occurs. The article serves as a social account of how these cracks are formed and how could they be resolved through compromise and reconstruction. Originality/value This study is a first attempt to apply SOW to a controversial industry (gaming) while the effects of the COVID-19 pandemic are ongoing. It offers a significant contribution to the social accounting literature through its consideration of the combination of unprecedented factors in a well-timed study that pays close attention to analyses and theoretical elaboration.

Saudi subsidy reforms unlikely to spark major protests

2016 ◽  
Keyword(s):  
Fuel Oil ◽  
Basic Part ◽  
Content Type ◽  
The Social ◽  
Political Impact ◽  
The Face ◽  
The Government ◽  
Crown Prince ◽  
Economic Outlook

Subject Political impact of subsidy reform. Significance Saudi Arabia introduced its first major cut to energy subsidies in January, leading to a rise in petrol, diesel, fuel oil, natural gas and electricity prices. Further cuts will be necessary to avert a fiscal crisis -- but with cheap energy seen as a basic part of the social contract between the government and the population, such measures are expected to have wide-reaching political repercussions. Impacts A decision to reverse subsidy cuts in the face of protest would undercut government credibility and reduce the prospect of further reforms. Yet persisting with subsidy reforms could damage government legitimacy and political capital among the youth and lower classes. Successful reforms will improve the long-term economic outlook, and the succession prospects of Deputy Crown Prince Mohammed bin Salman.

Gender equality will see uneven progress in Mexico

2016 ◽  
Keyword(s):  
Gender Equality ◽  
Gender Gap ◽  
National Development ◽  
State Level ◽  
Content Type ◽  
Development Goals ◽  
The Government ◽  
Employment Of Women ◽  
First Time

Subject The Mexican government's advances towards greater gender equality. Significance President Enrique Pena Nieto has been active in promoting gender equality at home and abroad, and his government has repeatedly voiced its commitment to the UN's Millennium Development Goals, particularly regarding female empowerment. The Pena Nieto administration included a gender dimension in its National Development Plan for the first time, and has allocated significant resources to supporting women. Efforts have focused not only on the federal level, but also at state level, as illustrated by the signing of a collaboration agreement in December 2015 between the government and the National Conference of Governors. Impacts Bridging the gender gap across all government levels will be an expensive and difficult task, with uneven success across the country. Any reductions in domestic violence rates will require long-term efforts to change attitudes from the bottom up. Quotas that encourage the employment of women, regardless of merit, may perpetuate politics' reputation for being corrupt and nepotistic.

Middle East socioeconomic trajectories are negative

2017 ◽  
Keyword(s):  
Migrant Workers ◽  
Extended Period ◽  
Arab Countries ◽  
Net Energy ◽  
Content Type ◽  
Job Opportunities ◽  
The Social ◽  
Basic Services ◽  
Fuel Costs

Subject Lower global oil prices contributing to new tensions in both oil-producing and oil-importing countries. Significance Rapid population growth in most Arab countries has resulted in a youth bulge and higher unemployment. Oil producers face an extended period of low global prices, forcing them to cut costs. However, reduced subsidies on basic services risk breaching the social contract by which these governments maintain stability with limited representation. Net energy importers, while benefiting from lower fuel costs, are also struggling to compensate for declining remittances and to create new job opportunities as migrant workers return from the cash-strapped Gulf. Impacts Long-term unemployment and economic crises will increase the flow of migrants to Europe. Fragmentation and ungoverned spaces in Yemen and elsewhere will provide more space for jihadi groups to operate. US withdrawal could give Russia opportunities to expand its regional influence.

Kyrgyz referendum may be Pyrrhic victory

2016 ◽  
Keyword(s):  
Democratic Party ◽  
Public Understanding ◽  
Local Elections ◽  
Social Democratic Party ◽  
Social Democrats ◽  
Content Type ◽  
The Social ◽  
Pyrrhic Victory ◽  
Constitutional Changes

Subject Kyrgyzstan's constitutional referendum. Significance Now that President Almazbek Atambayev has secured the constitutional changes he wanted, it is unclear how he benefits. The December 11 referendum was a success in its own terms despite the dearth of public understanding of the issues, but was accompanied by an acrimonious divorce between the ruling Social Democratic Party and its long-term coalition partner, Ata-Meken. Impacts A weaker government and divided parliament will struggle to focus on chronic and serious economic problems. The Social Democrats are in a stronger position nationwide thanks to their strong showing in simultaneous local elections. Kyrgyz nationalist and conservative groups will feel emboldened as some of the amendments are seen as concessions to them.

Saudi economic reform will be gradual

2016 ◽  
Keyword(s):  
Business Community ◽  
Special Treatment ◽  
Asset Sales ◽  
Royal Family ◽  
Content Type ◽  
Capital Spending ◽  
The Government ◽  
Crown Prince ◽  
Spending Cuts

Significance The government has recently taken some modest steps to rein in the budget deficit, including cuts in energy subsidies, and has promised to improve disclosure of its fiscal performance, but is preparing further measures to put the economy on a sustainable long-term footing. Impacts Subsidy cuts and the prospect of VAT could cause popular resentment because they will affect ordinary citizens more severely than the elite. These measures will widen the income gap and, in the longer run, could increase pressure for more accountable forms of government. Land and other asset sales could generate controversy if businesses associated with the royal family are receiving special treatment. Capital spending cuts will create anger among the business community if projects linked to the deputy crown prince are protected. A prolonged fiscal squeeze could stoke tensions within the royal family and damage the credibility of the deputy crown prince.

Russia's budget reflects caution on future spending

2016 ◽  
Keyword(s):  
Budget Deficit ◽  
Public Spending ◽  
Oil Price ◽  
Economic Recovery ◽  
Education Spending ◽  
Monetary Policies ◽  
Content Type ◽  
Low Levels ◽  
Spending Cuts

Significance A three-year budget cycle is intended to create predictability after a year in which the initial budget had to be revised as the oil price outlook grew gloomier. Spending cuts are envisaged to continue beyond 2017 as revenue predictions are modest amid low rates of economic growth, and the objective is to cut the budget deficit progressively. Impacts The diversion of reserve money to sustain public spending will undermine economic modernisation programmes. Low levels of health and education spending will harm human capital in the medium-to-long term. The Central Bank is unlikely to relax monetary policies significantly prior to 2018, and then only if inflation recedes to the targeted 4%. Tight monetary policy will restrict credit growth and thus economic recovery.

Nicaragua protests signal dialogue, not regime change

2018 ◽  
Keyword(s):  
Law Enforcement ◽  
Social Security ◽  
Regime Change ◽  
Investment Decisions ◽  
Security Forces ◽  
Content Type ◽  
The Social ◽  
Social Security Reforms ◽  
Economic Slowdown

Significance The protests pose the greatest threat to President Daniel Ortega since he took power in 2007. The president’s eventual withdrawal of the social security reforms that had sparked the unrest has, instead of restoring order, emboldened protesters, who are now pushing for further political concessions and have called for a mass anti-government demonstration to be held tomorrow. Impacts Businesses may postpone investment decisions until after the national dialogue, posing a risk of economic slowdown. Damage to the reputation of the security forces threatens to foster long-term resentment, undermining law enforcement. The protests may spur anti-corruption protests in other parts of the region, such as Guatemala.

Mounting provincial debt will add to Argentina risks

2019 ◽  
Keyword(s):  
Financial Crisis ◽  
Central Government ◽  
Global Markets ◽  
Fiscal Discipline ◽  
Content Type ◽  
Debt Burden ◽  
Comprehensive Reform ◽  
Will Force ◽  
Spending Cuts

Subject The outlook for provincial debt. Significance On September 3, Moody’s downgraded the debt rating of ten sub-national jurisdictions. Since the 2016 deal with holdout creditors, most provinces have been active debt issuers in local and global markets. Thus the debt ‘reprofiling’ announced by the central government in late August, and the higher debt burden due to the combination of recession and devaluation, are raising concerns about their ability to keep servicing their debt. Impacts In the event of a new debt restructuring, limited access to capital markets will force provincial spending cuts. If the financial crisis deepens, provincial debt could again be bailed out by the central government. A more comprehensive reform of provincial finances will be needed to improve fiscal discipline in the long term.

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