Irfan Ahmed, PhD

Global Financial Crisis w   Deep and long global economic recession looms for all countries with high unemployment, shrinking tax receipts, lower exports and trade, gyration in value of currencies, decreasing tourism income, reduced consumption levels - and the specter of depression w   Oil prices are in a steep fall, affecting the income of many oil-producing (developing) countries. w   All these pressures reduce the ability of governments in industrialized and developing countries alike to steer their economies; budget deficits are rising. w   Governments are forced to prune their budgets so as to reach as balanced a budget as possible, especially if they require IMF standby credits w   Moral hazard: Need for more equity in policy-making and allocation of public funds w   The global financial crisis has spread like wildfire across the world because one single model of globalization, i.e. liberalizing market economy without regard to diversity, different...