Tuesday, November 29, 2005

"Exceptionally Vigorous" vs. "Exceptionally Humane"?

"The Organisation of Economic Co-operation and Development on Tuesday presented a relatively upbeat view of the prospects for the world’s 30 wealthiest nations but warned the risks to its expectation of a prolonged world expansion were "substantial".

In its twice-yearly report, the Paris-based organisation said that global growth over the past few months had been "exceptionally vigorous" and resilient in the face of large oil price increases.

The higher cost of oil had not fed through to generally higher prices in the largest economies and inflationary pressures were expected to recede - unless oil prices were to shoot up again.

“With price stability maintained, a powerful impetus arising from the Asian and US economies and the spending of oil exporters’ higher revenues the case for a prolonged world expansion, finally extending to convalescent European economies looks plausible,” the report said.

Its optimism was based on increased investment and exports, helped by spending of oil revenues by oil producers. World trade growth would pick up to 9.1 per cent next year and 9.2 per cent in 2007 from a projected 7.3 per cent this year." ...

Scheherazade Daneshkhu "OECD upbeat on world growth prospects" Financial Times, November 29, 2005.

OECD Summary Outlook:



And what about the other 150+ national economies in our interdependent world? How are they doing? How are their systems of health care and education and environmental sustainability?


"Unspent donations given to help victims of the Asian tsunami could be redirected to crises in Africa after rebuilding is complete, former U.S. President Bill Clinton, now a U.N. enoy, said on Tuesday.

But visiting communities living amid the ruins of Sri Lanka’s east coast ahead of tsunami’s one year anniversary, Clinton -- said much still had to be done in areas swamped by the waves before any aid could be passed on.

"There are still some...funds that have not been spent," he told Reuters in a destroyed hospital. “In every country but the Maldives, the pledges exceed the estimated damages. Until all the work is done...the people who donated the money have to the right to expect it will be spent in the way they intended it."

The Dec. 26 tsunami sparked an unprecedented outpouring of donations and pledges from both governments and individuals -- some $12 billion -- but some aid workers trying to tackle food shortages, worsening poverty and the effect of AIDS in Africa say donations to them have fallen off as a direct result."

Reuters Limited [in Kinniya, Sri Lanka] "Unspent tsunami donations may go to Africa". Reuters via ft.com

U.N. Envoy Bill Clinton in Sri Lanka

Text and Photo credit: (c) Reuters 2005


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