The Impact of US Policy on the Global Economy.

The Center for Economic and Policy Research, Arab Watch Coalition, Boston University’s Global Development Policy Center, the Institute for Policy Studies’ Global Economy Program, and MADRE invite you to an important panel discussion on Capitol Hill.

This panel will examine various policies implemented by the United States that are significantly impacting the world economy, which is facing a serious economic downturn. The World Bank projected in January 2023 that global economic growth will fall to 1.7% this year, the worst in about three decades, other than the downturns of 2009 and the 2020 pandemic recession. While the International Monetary Fund’s latest projections are more optimistic, the Fund still warns that “severe health outcomes in China could hold back the recovery, Russia’s war in Ukraine could escalate and tighter global financing costs could worsen debt distress.” The World Bank noted that “urgent action is needed to attenuate the risk of global recession stemming, in part, from the fastest and most synchronized monetary tightening in decades.

This panel will explore the severe economic pressures on developing countries resulting from US policies, including interest rate hikes, sanctions, and support for harmful IMF policies like surcharges. The panel will also discuss policy alternatives, including the issuance of Special Drawing Rights (SDRs) and debt relief measures for highly indebted nations, and explain how pursuing these alternatives costs the US very little and can yield significant economic and national security benefits for our nation.

Hope to see you there.