Instead, Kussin says, he’s decided to buy a less-expensive ticket to Portugal.
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World Bank sees effects of Covid-19 pandemic to linger
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An increase in the severity of natural hazards continues to illuminate the social and economic impacts of climate change. As countries began looking at a post-pandemic world in 2022, climate impacts got worse: extreme floods in Pakistan claimed hundreds of lives and displaced millions, droughts in China and the horn of Africa impacted millions, and Europe saw scorching heat waves and its worst drought in 500 years.
As an unstable and uneven economic recovery took form during 2022, global development faced a crisis. Slowing growth contributed to a reversal of progress on the global poverty agenda and an increase in global debt.
A global vaccination effort helped countries begin emerging from the pandemic and returned millions of children to the classroom, but the lasting impacts from recent learning losses could resonate for years. Food inflation and food insecurity rose significantly throughout the year, exacerbated by climate change and Russia’s invasion of Ukraine — contributing to higher food, fuel, and fertilizer prices.
Global economy in its steepest slowdown, says report
The confluence of crises that defined 2022 continue to hamper global growth. The global economy is now in its steepest slowdown following a post-recession recovery since 1970, with global consumer confidence already suffering a much sharper decline than during the run-up to previous global recessions.
The world’s three largest economies have been sharply slowing. Under the circumstances, even a moderate hit to the global economy over the next year could tip it into recession.
The Covid-19 pandemic dealt the largest setback to global poverty reduction efforts in decades, and the recovery has been highly uneven. By the end of 2022, as many as 685 million people could be living in extreme poverty – making 2022 the second worst year for poverty reduction in the past two decades (after 2020).
In addition to the lingering effects of the pandemic, rising food and energy prices — fueled by climate shocks and conflicts such as the war in Ukraine — have hindered a swift recovery. It is now projected that 7 per cent of the world’s population — roughly 574 million people — will still struggle in extreme poverty in 2030 — far short of the global goal of 3 per cent in 2030.
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The past year saw the debt crisis of developing countries intensifying. Overall debt levels have increased for developing countries over the past decade, with some 60 per cent of the world’s poorest countries either in debt distress or at risk of it.
Over-encumbered with debt, the world’s poorest are not able to make critical investments in economic reform, health, climate action, or education – among other key development priorities. Perhaps more significantly, the composition of debt has changed dramatically since 2010, with private creditors playing an increasingly larger role.
By the end of 2021, private creditors held 61pc of the public and publicly guaranteed debt of low- and middle-income countries, according to the 2022 International Debt Report.
2022 was marked by a drastic rise in food insecurity around the globe. The war in Ukraine, high inflation, supply chain disruptions, and the global economic downturn all combined to drive large price increases for many agriculture products and inputs, such as fertilizers. In response to this situation, the World Bank Group has made $30 billion available to address food insecurity over a period of 15 months.
The World Bank Group continues to work with its partners to build food systems and can feed everyone, everywhere, every day by improving food security, promoting ‘nutrition-sensitive agriculture’ and improving food safety. The bank is a leading financier of food systems. In fiscal year 2022, there was $9.6 billion in new IBRD/IDA commitments to agriculture and related sectors.
The World Bank Group stepped up its support to help countries address climate and development needs together: delivering a record $31.7 billion in climate finance, the most ever in a single year in its history. Of this total, the World Bank delivered $26.2 billion, of which nearly half ($12.9 billion) specifically supported investments in adaptation and resilience.
The first half of 2022 showcased one of the largest shocks to global energy markets the world has seen in decades, sending energy prices soaring, exacerbating energy shortages and energy security concerns, and further slowing progress toward universal access to affordable, reliable, sustainable, and modern energy by 2030
Globally, 733 million people still have no access to electricity and, at the current rate, 670 million people will remain without electricity in 2030, 10 million more than projected last year.
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This win-win cooperation, based on mutual benefit, is China’s version of the New World Order
At a time when, on May 19, the Western allies of the US were deliberating their shared future at the 49th G7 summit in Hiroshima, Japan, and reaffirming their support for Ukraine which is thousands of miles away from Japan, Chinese President Xi Jinping was speaking at China-Central Asia Summit in Xian, offering economic grants for enhancing the financial capacity of Central Asian States. Western media, comparing both events, kept pitching the idea that China is consolidating its influence over former Soviet republics because Russia is fixed in the Ukraine conflict.
However, I think otherwise: China has been present in Central Asia for 20 years, and the China Central Asia trade is too big to ignore. The China-Central Asia Summit was attended by all five former Soviet republics: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. Xi’s speech at the event promised a development path independently chosen by all six countries with a focus on respecting and safeguarding their sovereignty, security, independence and territorial integrity. In the China-Central Asia Summit declaration, the participant states agreed to increase trade, boost rail and road connectivity, increase flight connections and speed up the construction of cross-border railway connecting China, Kyrgyzstan and Uzbekistan.
They approved mechanisms to boost cooperation in areas such as fossil fuels, renewable energy, education, science, tourism and healthcare. They also decided to explore potential for further agricultural cooperation, and China agreed to increase imports of agricultural products from Central Asia. It is pertinent to mention here that China will provide 26 billion yuans of financing support and grants to Central Asian countries.
The trade between China and Central Asia has touched a new limit of $70 billion last year, with Kazakhstan sharing $31 billion. While in Hiroshima, G7 offered support to Ukraine, pledging to strengthen disarmament and non-proliferation efforts, towards the ultimate goal of a world without nuclear weapons. Interestingly, the talk about a world without nuclear weapons was held in Hiroshima which was the first victim of US nuclear power. According to Reuters News Agency, China has, with its engagement, put itself at the forefront of the race for political influence and energy assets in the resource-rich regions, while Russia is distracted by its war in Ukraine and the withdrawal of US forces from Afghanistan has diminished the US presence in the region. In believe Russia and China are on the same page as long as the Global South perspective is concerned, and both have their parallel stakes in Central Asia while the US does not enjoy the same leverage in the region that China and Russia do. Russia is linked with the region through history, language and huge labour force of Central Asian States that works in Russian cities and sends huge remittances to their home countries while China is constantly investing in the Central Asian economy, unlike America which offers money in return of military bases.
The US has, in the past, invested in social activities of Central Asian States through NGOs but a crackdown on foreign-funded NGOs in 2010 dented US political base. Central Asian analysts believe China is offering trade and financial support to Central Asian States without demanding any help against any third country. They believe the Ukraine war offers lessons for every country that borders either China or Russia. Experts say that the China-Central Asian Summit by reiterating “we will jointly foster a new paradigm of deeply complementary and high-level win-win cooperation” has sent a loud and clear message that it wishes to enhance the economic capacity of all Central Asian States.
This win-win cooperation, based on mutual benefit, is China’s version of the New World Order. Wherever China is engaging in any country, it is proposing dialogues based on mutual benefit. China is, therefore, writing a new history of refraining from self-serving demands in exchange for cooperation. The China-Central Asia summit concluded with mutual cooperation, prosperous, harmonious, and well connected’ Central Asia.
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Hong Kong— Zachary Kussin was ready. The New Yorker had marked the date on his calendar months in advance and checked the Hello Hong Kong website every day for more information, all in hopes of scoring a free airline ticket.
The Hello Hong Kong initiative was introduced to lure back tourists and revitalize the city’s tourism industry, which took major hits as the financial hub was almost impossible to access for three years due to Covid regulations.
At a splashy event in February 2023, city officials announced that some 500,000 free airline tickets would be distributed both to local residents eager for a vacation and international travelers keen to visit Hong Kong.
It sounded too good to be true for Kussin, who has never been to Hong Kong and felt that with the high cost of airfare from the U.S. to Asia he wouldn’t be able to afford to visit on his own.
Supply and demand
Tickets were distributed in stages, broken down by country or region. On May 17, residents of the United States and Canada could try their luck.
To be eligible for the giveaway, users had to sign up for an account with Cathay Pacific, Hong Kong’s flag carrier, then opt-in to receive promotional emails from the airline. On the day of the giveaway, hopeful travelers needed to log into their Cathay accounts, then wait for a promo code, which they could then use to book a gratis ticket.
However, huge demand meant that long digital queues formed even before tickets were available.
Kussin tells CNN that he waited half an hour just to log into his account, only to get an error message when he did. He refreshed and tried again, he says, only to be put back at the end of the line and told he had more than an hour to wait. Ultimately, his quest was unsuccessful.
A representative from Cathay tells CNN that the tickets were all snapped up in two and a half hours.
“We are very encouraged by the enthusiastic response from our Cathay members who registered for the exclusive ticket offer to Hong Kong,” the rep says. “As the home carrier of Hong Kong, we are excited to be supporting this campaign to welcome visitors from around the globe to discover the beauty of our beloved home city.”
“I was completely stonewalled,” Kussin says. “I’ve been hearing the same story from (other) people. They waited in a massive digital queue, they couldn’t sign in, and if they did they couldn’t find the promo code.”
“Airfare is so up across the board right now, and going to Hong Kong is really expensive. It would have been such a good deal and it would have sorted my vacation for the year.”
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Chennai: A Kuala Lumpur-bound international flight made an unscheduled stop here on Friday after a passenger complained of chest pain, officials said.
The flight with about 280 passengers was proceeding from Jeddah.
Soon after the flight landed following clearance, the passenger was rushed to a nearby government hospital, officials added.
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