Term Paper: IMF and the Current Problems Facing the World

Pages: 4 (1297 words)  ·  Bibliography Sources: 4  ·  Level: College Senior  ·  Topic: Economics  ·  Buy This Paper

SAMPLE EXCERPT:

[. . .] Their aim was to encourage growth in the fishery and agriculture sectors. The information in the book states the IMF achieved 43.8 percent improvement towards the goal. “The global performance of this objective shows that of the 16 indicators monitored, 43.8 percent have attained the planned targets, whereas 50 percent have not attained the targets but have made progress, and 6.3 percent are well behind schedule” (International Monetary Fund. African Dept., 2014, p. 35). Although some progress was made in 2014, that did not signify overall progress was made.

According to the African Development Bank Group, GDP growth declined. “Mozambique’s GDP growth declined in 2015 to 6.3% because of lower export earnings and public expenditure but is expected to expand 6.5% in 2016. Amid government-opposition political tensions, improved financial management and public expenditure are needed to counter growing inequalities” (AFDB, 2015). It seems like the policies sent in place and the objectives of the IMF are not conducive to economic growth in the country of the Republic of Mozambique. One problem could be globalization. If the aim is to improve fishery sectors, there is little done to keep other countries from fishing in the waters of Mozambique or providing the materials to create and maintain fisheries/nurseries for the cultivation and growth of fish and seafood (Serdy, 2016).

D. IMF and Brexit

Globalization has caused many problems for both developed and developing countries. One specific example is the Brexit event. Working class people in Britain felt they were losing their jobs to immigrants that came legally via the process of migration policies from the European Union (EU) (FOTOPOULOS, 2016). The EU provided people from Poland for example, access to British jobs and they worked for less, leading to economic pocket recessions in certain regions of England. Although the upper class fared well with the changes brought on by the EU, the lower class continued to lose work.

The loss of income, loss of economic prosperity prompted many British people to vote ‘Leave’ from the EU in a 2016 referendum (FOTOPOULOS, 2016). This has caused some major changes to Great Britain from the lowering of value of the British pound, to foreign investors leaving the country. Whether this decision will work out for Britain, the world does not know. However, globalization may have been the main force behind the drastic action.

3. Conclusions

In conclusion, the IMF has existed for more than seventy-two years and has provided guidance for countries to promote fair trading practices and policies that enable faster economic growth. However, because IMF is aligned with some of the objectives of globalization, it has also created turmoil. Globalization has not been a positive experience for some across the world. England for example, has endured some inner conflicts that have led to Brexit. People across the country chose in a majority vote, to leave the EU. This signifies that the majority of British voters wanted to end globalization in England and promote a local economy.

Such problems are just the tip of the iceberg when it comes to resistance to globalization. The policies the IMF stand for and want to promote, are not helpful enough for countries to adapt. Countries like England are experience economic hardships and want change away from globalization. This means that organizations like IMF and World Bank may not be needed in the future.

References

AFDB. (2015). Mozambique Economic Outlook - African Development Bank. Retrieved from https://www.afdb.org/en/countries/southern-africa/mozambique/mozambique-economic-outlook/

FOTOPOULOS, T. A. (2016). NEW WORLD ORDER IN ACTION. S.l.: PROGRESSIVE PRESS.

Gaspar, V., Gupta, S., & Mulas-Granados, C. (2017). Fiscal Politics. Washington, D. C.: International Monetary Fund.

IMF and World Bank. (2001). Macroeconomic Policy and Poverty Reduction. Retrieved from https://www.imf.org/external/pubs/ft/exrp/macropol/eng/

International Monetary Fund. African Dept. (2014). Republic of Mozambique: Poverty Reduction Strategy Paper-Progress Report. International Monetary Fund.

Serdy, A. (2016). The new entrants problem in international fisheries law. Cambridge: Cambridge University Press.

Yago, K.,… [END OF PREVIEW]

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IMF and the Current Problems Facing the World.  (2017, August 13).  Retrieved July 20, 2019, from https://www.essaytown.com/subjects/paper/imf-current-problems-facing-world/1560469

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"IMF and the Current Problems Facing the World."  Essaytown.com.  August 13, 2017.  Accessed July 20, 2019.
https://www.essaytown.com/subjects/paper/imf-current-problems-facing-world/1560469.