World Economics

We show how the assumption that GDP calculations which are done in line with economic theory is incorrect – and that the changes made to GDP measurement over the past two decades.  Read more...

Although trade statistics are unable to reveal what originates where, and what is sold at which price, with sometimes unintended and dramatic effects on trade relations, significant commodity value chains originating in Africa have been circumnavigating the world for decades. But Africa benefits the least as their commodities and natural resources are invariably just hoisted out of the earth and immediately exported for onward processing and value enhancement.  Read more...

His detractors claim that Greece was forced to face harsher conditionality because the deficit was revised upwards, thus helping to justify externally imposed austerity. Despite overwhelming evidence that Mr. Georgiou correctly applied EU rules in revising Greece’s fiscal deficit and debt figures, and despite strong international support for his case, some Greek courts continued the pursuit. The Georgiou case tested the independence of the Greek judiciary, as some senior prosecutors and judges would appear to have repeatedly failed to act in accordance with the rule of law and due process. With a solid majority in parliament, the newly-elected center-right New Democracy government has the opportunity to deliver deep institutional and economic reforms. Ensuring the independence of the judiciary should be a top priority.  Read more...

The author was told that he should start by researching something simple - like exports of German cars to the country under investigation, as listed in German export documents. And compare the results with imports of German cars as documented by the Middle Eastern country. The results were spectacular. Over 10 times more cars were exported from Germany according to German data, than were supposedly imported according to Middle Eastern data, over the same period. Something wrong somewhere!  Read more...