Issue No. 536 (1-15 Jan 2013)
Budget battle to rage on in US

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US fiscal crisis far from over
The United States avoided going over a “fiscal cliff” on 1 January, but has scripted a new and bigger crisis over the “debt ceiling” in what appears to be a never-ending tug-of-war between President Obama and the Republicans.
by Martin Khor

Urgent action is needed to restore growth
Developing countries cannot bear the burden of supporting global growth alone, writes Supachai Panitchpakdi – the developed economies need to weigh in with pro-growth policies of their own.

The myth of Africa’s rise
Contrary to the rosy pronouncements in the Western media, Africa is in fact making little headway up the development ladder.  Rick Rowden explains why.

Resolving the emerging debt crises
More countries are facing a debt crisis, and the world urgently needs an international system of debt arbitration and restructuring.
by Martin Khor

Internal audit warns of IMF politicization by US
The independent watchdog unit of the International Monetary Fund (IMF) has questioned the Fund’s policy stance on foreign exchange reserves, which it suggests may have been influenced by political considerations.
by Carey L Biron

Thai-EU FTA raises alarm for people with AIDS
Public health advocates in Thailand fear that the country’s planned free trade agreement with the EU will stem the supply of affordable genetic medicines to those in need.
by Marwaan Macan-Markar

Analysis: Reforming and rebalancing finance in developing countries
Recent experience has underscored the need for developing countries to better regulate and organize the financial system in the interests of economic stability and development.  Yilmaz Akyüz outlines several key issues that should be addressed in such financial restructuring.

Analysis: The World Bank and industrial policy: Hands off or hands on?
Carlos Fortin considers whether the World Bank is likely to rethink its long-held suspicion of industry policy.