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Debates Over Exchange Rates: Overview and Issues for Congress [June 22, 2018]
"Some Members of Congress and policy experts allege that U.S. producers and U.S. jobs have been adversely affected by the exchange rate policies adopted by China, Japan, and a number of other countries. They maintain that some countries are purposefully using various policies to weaken the value of their currency to boost exports and create jobs, but that these policies come at the expense of other countries, including the United States. During the global financial crisis, some political leaders and policy experts argued that there was a 'currency war' in the global economy, as countries competed against each other to weaken the value of their currencies and boost exports. Even as the global financial crisis has faded, some policymakers continue to express concerns that other countries are using exchange rate policies to gain an unfair trade advantage against the United States."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.
2018-06-22
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G-7 Summit in Charlevoix, Canada: Changing U.S. Leadership in Global Forum [June 25, 2018]
"Canada hosted the 44th annual Group of 7 (G-7) summit on June 8-9 in Charlevoix, Quebec. The G-7 is an informal group of seven of the world's largest advanced economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. With roots back to the 1970s, the G-7 leaders meet annually to discuss and coordinate economic and foreign policies. The agenda for the 2018 summit, set by Canada as the rotating chair, intended to focus on economic growth, gender equality, jobs, and the environment. Discussions were marked by deep divisions between President Trump and other G-7 leaders on trade and Russia. The United States for decades has been a leader in the G-7, but French President Emmanuel Macron emphasized that the United States faced a 'united front' at the 2018 summit and found itself 'isolated.' After departing the summit, President Trump withdrew his initial support for the eight-page communiqué that had been negotiated in the weeks leading up to the summit. Lack of consensus on a G-7 communiqué is unprecedented."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.
2018-06-25
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Administration's Designation of China as a Currency Manipulator [August 9, 2019]
From the Document: "On August 4, China's central bank allowed its currency, the yuan, to depreciate to an 11-year low, breaking the politically sensitive threshold of seven yuan to one U.S. dollar (Figure 1). A depreciation of the yuan against the U.S. dollar makes Chinese exports less expensive in global markets. Some analysts speculate the depreciation is designed to offset and retaliate against U.S. tariffs on Chinese imports, coming four days after President Trump announced his intent to impose an additional 10% tariff on $300 billion of Chinese imports on September 1. There are differing views on the causes of yuan's movements, however, as discussed below. On August 5, Treasury Secretary Mnuchin, under the auspices of President Trump, determined that China is manipulating its currency. Although some policymakers have called for this designation for years and Donald Trump made it a central issue in his presidential campaign, the Treasury Department had not labeled a country as a currency manipulator in 25 years."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.
2019-08-09
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Examining Regulatory Frameworks for Digital Currencies and Blockchain: Statement of Rebecca M. Nelson, Specialist in International Trade and Finance, Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate [July 30, 2019]
From the Document: "Cryptocurrencies are digital representations of value that typically are administered using distributed ledger technology and have no status as legal tender. Distributed ledgers use independent computers to record, share, and synchronize transactions in their respective electronic ledgers, rather than relying on a centralized ledger. As a result, cryptocurrencies do not rely on government agencies (such as central banks) or financial institutions (such as private banks), both of which are involved in the creation and transfer of fiat money (money that has no intrinsic value, but serves as money by government decree). Most cryptocurrencies usually use a particular type of distributed ledger technology, blockchain, to both secure the ledger using cryptographic protocols and give users some level of anonymity. The first cryptocurrency, Bitcoin, was launched in 2009, partly in response to concerns about traditional banks and fiat money following the global financial crisis of 2008-2009. Over the following decade, thousands more cryptocurrencies were created. As of today, more than 2,200 cryptocurrencies are in circulation. As the market has developed, different types of cryptocurrencies have emerged that vary on a number of dimensions."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.
2019-07-30
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Multilateral Development Banks: Overview and Issues for Congress [Updated February 11, 2020]
From the Introduction: "Multilateral development banks (MDBs) are international institutions that provide financial assistance, typically in the form of loans and grants, to developing countries in order to promote economic and social development. The United States is a member and significant donor to five major MDBs. [...] This report provides an overview of the MDBs and highlights major issues for Congress. The first section discusses how the MDBs operate, including the history of the MDBs, their operations and organizational structure, and the effectiveness of MDB financial assistance. The second section discusses the role of Congress in the MDBs, including congressional legislation authorizing and appropriating U.S. contributions to the MDBs and congressional oversight of U.S. participation in the MDBs. The third section discusses broad policy debates about the MDBs, including their effectiveness, the trade-offs between providing aid on a multilateral or bilateral basis, the changing landscape of multilateral aid, and U.S. commercial interests in the MDBs."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.
2020-02-11
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Argentina's Economic Crisis [Updated January 28, 2020]
From the Document: "Argentina is grappling with a serious economic crisis. Its currency, the peso, has lost two-thirds of its value since 2018; inflation is hovering around 30%; and since 2015 the economy has contracted by about 4% and its external debt has increased by 60%. In June 2018, the Argentine government turned to the International Monetary Fund (IMF) for support and currently has a $57 billion IMF program, the largest program (in dollar terms) in IMF history. Despite these resources, the government in late August and early September 2019 postponed payments on some of its debts and imposed currency controls. In the October 2019 general election, the center-right incumbent President Mauricio Macri lost to the center-left Peronist ticket of Alberto Fernández for president and former President Cristina Fernández de Kirchner for vice president. The Fernández-Fernández ticket campaigned on a reorientation of Argentine economic policies, which could have implications for Argentina's recovery from the crisis and its IMF program."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.
2020-01-28
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Argentina's Economic Crisis [Updated October 10, 2019]
From the Document: "Argentina is grappling with a serious economic crisis. Its currency, the peso, has lost two-thirds of its value since 2018; inflation is hovering around 30%; and since 2015 the economy has contracted by about 4% and its external debt has increased by 60%. In June 2018, the Argentine government turned to the International Monetary Fund (IMF) for support and currently has a $57 billion IMF program, the largest program (in dollar terms) in IMF history. Despite these resources, the government in late August and early September 2019 postponed payments on some of its debts and imposed currency controls. The outcome of the presidential election on October 27, 2019, which pits current center-right President Mauricio Macri against the center-left Peronist ticket of Alberto Fernández for president and former President Cristina Fernández de Kirchner for vice president, will shape Argentina's policy response to the economic crisis."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.
2019-10-10
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New U.S. Sanctions on Venezuela [September 5, 2019]
From the Document: "In August 2019, the Trump Administration expanded Venezuela-related sanctions by blocking all assets and interests of the Nicolás Maduro government in the United States. It also authorized sanctions against those who materially support the Maduro government or others already designated for sanctions, with exemptions for humanitarian aid."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Brown, Phillip (Specialist in Energy Policy); Nelson, Rebecca M.
2019-09-05
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Venezuela: Background and U.S. Relations [Updated March 12, 2020]
From the Document: "Venezuela remains in a deep crisis under the authoritarian rule of Nicolás Maduro of the United Socialist Party of Venezuela. Maduro, narrowly elected in 2013 after the death of Hugo Chávez (president, 1999-2013), began a second term on January 10, 2019, that is widely considered illegitimate. Since January 2019, Juan Guaidó, president of Venezuela's democratically elected, opposition-controlled National Assembly, has sought to form a transition government to serve until internationally observed elections can be held. The United States and 57 other countries recognize Guaidó as interim president, but he has been unable to wrest Maduro from power and has faced increased danger since returning home from a January-February 2020 tour, which included a meeting with President Trump. Some observers believe that National Assembly elections due this year might start an electoral path out of the current stalemate."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Brown, Phillip (Specialist in Energy Policy); Margesson, Rhoda . . .
2020-03-12
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Global Economic Effects of COVID-19: In Brief [Updated March 18, 2020]
From the Overview: "Since the World Health Organization (WHO) first declared Covid-19 a world health emergency in January 2020, the virus has been detected in over 150 countries and almost all U.S. states. The infection has sickened more than 200,000 people, with thousands of fatalities. On March 11, the WHO announced that the outbreak was officially a pandemic, the highest level of health emergency. During that time, it has become clear that the outbreak is negatively impacting global economic growth. The virus is affecting a broad swath of economic activities, from tourism, medical supplies and other global value chains, consumer electronics, and financial markets to energy, food, and a range of social activities, to name a few. Without a clear understanding of when the health and economic effects may peak economic forecasts must necessarily be considered preliminary. Efforts to reduce social interaction to contain the spread of the virus are disrupting the daily lives of most Americans."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Schwarzenberg, Andres B.; Weiss, Martin A. . . .
2020-03-18
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U.S. Sanctions on Russia [Updated January 17, 2020]
From the Document: "Sanctions are a central element of U.S. policy to counter and deter malign Russian behavior. The United States has imposed sanctions on Russia mainly in response to Russia's 2014 invasion of Ukraine, to reverse and deter further Russian aggression in Ukraine, and to deter Russian aggression against other countries. The United States also has imposed sanctions on Russia in response to (and to deter) election interference and other malicious cyber-enabled activities, human rights abuses, the use of a chemical weapon, weapons proliferation, illicit trade with North Korea, and support to Syria and Venezuela. Most Members of Congress support a robust use of sanctions amid concerns about Russia's international behavior and geostrategic intentions."
Library of Congress. Congressional Research Service
Welt, Cory; Archick, Kristin; Nelson, Rebecca M. . . .
2020-01-17
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Multilateral Development Banks: U.S. Contributions FY2000-FY2020 [Updated January 23, 2020]
From the Document: "This report shows in tabular form how much the Administration requested and how much Congress appropriated for U.S. payments to the multilateral development banks since 2000. Multilateral development banks provide financial assistance to developing countries in order to promote economic and social development. The United States belongs to several multilateral development banks, including the World Bank and four regional development banks (the African Development Bank, the Asian Development Bank, the Inter-American Development Bank, and the European Bank for Reconstruction and Development). It also belongs to the North American Development Bank, which is a binational (U.S.- Mexico) development bank; the International Fund for Agricultural Development, which focuses on poverty and hunger in developing countries; and several trust funds administered by the World Bank, which focus on specific global issues such as food security and the environment."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.
2020-01-23
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Libra: A Facebook-led Cryptocurrency Initiative [October 21, 2019]
From the Document: "On June 18, 2019, Facebook announced that, with 28 other members, it had founded the 'Libra Association', which planned to launch a new cryptocurrency, called 'Libra'. The association released a white paper that outlined the characteristics of Libra and described its goal of creating a cryptocurrency that would overcome some of the challenges faced by other cryptocurrencies and deliver the possible benefits of the technology on a large scale. President Trump and Treasury Secretary Mnuchin raised concerns about the Libra project, as did several Members of Congress during Senate Banking Committee and House Financial Services hearings, although some Members were more welcoming of efforts to advance financial innovation. The House Financial Services Committee majority has drafted legislation that would effectively block the Libra project. Internationally, the G-7 finance ministers and central bank governors agreed that Libra raises 'serious regulatory and systemic concerns, as well as wider policy issues, which both need to be addressed before such projects can be implemented.' Subsequently and reportedly in part due to the level of official scrutiny of the project, several prominent members, such as eBay, Mastercard, PayPal, and Visa, withdrew from the Libra Association."
Library of Congress. Congressional Research Service
Perkins, David W.; Nelson, Rebecca M.
2019-10-21
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Debates Over Currency Manipulation [Updated January 28, 2020]
From the Overview: "Some Members of Congress and policy experts argue that U.S. companies and jobs have been adversely affected by the exchange rate policies adopted by other countries. They allege that these countries use policies to 'manipulate' the value of their currency in order to gain an unfair trade advantage against other countries, including the United States. Other analysts are more skeptical about currency manipulation being a significant problem. They raise questions about whether government policies have longterm effects on exchange rates, whether it is possible to differentiate between 'manipulation' and legitimate central bank activities, and the net effect of currency manipulation on the U.S. economy."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.
2020-01-28
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World Bank [Updated January 28, 2020]
From the Document: "The World Bank, the oldest and largest multilateral development bank, provides financial assistance to developing countries to promote economic development. Established in 1945, the Bank initially focused on providing financing for large infrastructure projects. During the past 75 years, its role has broadened to include poverty reduction efforts through social projects (such as education and health) and policy-based loans. The United States is a founding member of the World Bank and the largest financial contributor. Congress shapes U.S. policy at the World Bank through oversight, legislation, and authorization and appropriation of U.S. financial commitments to the World Bank."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.; Roscoe, Jennifer M.
2020-01-28
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G-20 and International Economic Cooperation: Background and Implications for Congress [Updated October 4, 2019]
From the Summary: "The Group of Twenty (G-20) is a forum for advancing international cooperation and coordination among 20 major advanced and emerging-market economies. The G-20 includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States, as well as the European Union (EU). G-20 countries account for about 85% of global economic output, 75% of global exports, and two-thirds of the world's population. [...] G-20 meetings primarily focus on international economic and financial issues, although related topics are also discussed, including development, food security, and the environment, among others. Congress exercises oversight over the Administration's participation in the G-20, including the policy commitments that the Administration is making in the G-20 and the policies it is encouraging other G-20 countries to pursue. Additionally, legislative action may be required to implement certain commitments made by the Administration in the G-20 process."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.
2019-10-04
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U.S. Sanctions on Russia [November 28, 2018]
"Sanctions are considered by many to be a central element of U.S. policy to counter Russian malign behavior, including Russia's invasion of Ukraine in 2014, election interference and cyberattacks, human rights abuses, illicit trade with North Korea, support to the government of Syria, and use of a chemical weapon. The United States also employs sanctions in an effort to deter further objectionable activities by Russia (e.g., expanding the war in Ukraine or launching new attacks in neighboring countries). Most Members of Congress support a robust use of sanctions amid concerns about Russia's international behavior and geostrategic intentions. Most Russia-related sanctions implemented by the United States have been levied in response to Russia's 2014 invasion of Ukraine. These sanctions are based on national emergency authorities granted the office of the President in the National Emergencies Act (NEA; P.L. 94-412; 50 U.S.C. 1621) and International Emergency Economic Powers Act (IEEPA; P.L. 95-223; 50 U.S.C. 1701) and were exercised by President Barack Obama in 2014 in a series of executive orders (EOs 13660, 13661, 13662, and 13685). The Obama and Trump Administrations have used these EOs to impose sanctions on approximately 650 Russian individuals and entities."
Library of Congress. Congressional Research Service
Welt, Cory; Archick, Kristin; Nelson, Rebecca M. . . .
2018-11-28
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Venezuela: Background and U.S. Policy [October 18, 2017]
"Venezuela is in a deep political crisis under the authoritarian rule of President Nicolás Maduro of the United Socialist Party of Venezuela. Narrowly elected to a six-year term in 2013 following the death of populist President Hugo Chávez (1999-2013), Maduro is deeply unpopular. The Maduro government has used the courts and security forces to repress the political opposition, a coalition known as the Democratic Unity Roundtable (MUD). [...] The United States has continued to speak out about setbacks to democracy and human rights in Venezuela, call for the release of political prisoners, express concern about the humanitarian situation, and support dialogue. The U.S. government has employed targeted sanctions against Venezuelans responsible for human rights violations, undermining democracy, and public corruption, as well as those accused of drug trafficking and terrorism. On August 25, 2017, President Trump imposed new economic sanctions through Executive Order 13808 that restrict the ability of the Venezuelan government and its state oil company to access U.S. financial markets. Broader sanctions are reportedly being considered by the Administration, but could have negative humanitarian impacts."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Nelson, Rebecca M.
2017-10-18
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Venezuela: Background and U.S. Policy [December 11, 2017]
"Venezuela is in a deep political crisis under the authoritarian rule of President Nicolás Maduro of the United Socialist Party of Venezuela (PSUV). Narrowly elected to a six-year term in 2013 following the death of populist President Hugo Chávez (1999-2013), Maduro is unpopular. Nevertheless, he has used the courts, security forces, and electoral council to repress and divide the opposition, grouped in the Democratic Unity Roundtable (MUD) coalition. [...] The United States has spoken out about setbacks to democracy and human rights in Venezuela, called for the release of political prisoners, expressed concern about the humanitarian situation, and supported dialogue. The U.S. government has employed targeted sanctions against Venezuelans responsible for human rights violations, undermining democracy, and public corruption, as well as those accused of drug trafficking and terrorism. On August 25, 2017, President Trump imposed economic sanctions that restrict the ability of the Venezuelan government and PdVSA ['Petróleos de Venezuela, S.A.']to access U.S. financial markets. Broader sanctions have been considered, but could have negative humanitarian impacts. The United States has supported efforts at the Organization of American States (OAS) to help resolve the situation in Venezuela, but those efforts have stalled."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Nelson, Rebecca M.
2017-12-11
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Venezuela: Background and U.S. Relations [June 27, 2018]
"Venezuela remains in a deep political crisis under the authoritarian rule of President Nicolás Maduro of the United Socialist Party of Venezuela (PSUV). On May 20, 2018, Maduro defeated Henri Falcón, a former governor, in a presidential election boycotted by the Democratic Unity Roundtable (MUD) of opposition parties and dismissed by the United States, the European Union, and 18 Western Hemisphere countries as illegitimate. Maduro, who was narrowly elected in 2013 after the death of President Hugo Chávez (1999-2013), is unpopular. Nevertheless, he has used the courts, security forces, and electoral council to repress the opposition."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Nelson, Rebecca M.; Brown, Phillip (Specialist in Energy Policy) . . .
2018-06-27
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Venezuela: Background and U.S. Relations [Updated November 7, 2019]
From the Document: "Venezuela remains in a deep crisis under the authoritarian rule of Nicolás Maduro of the United Socialist Party of Venezuela. Maduro, narrowly elected in 2013 after the death of Hugo Chávez (president, 1999-2013), began a second term on January 10, 2019, that most Venezuelans and much of the international community consider illegitimate. Since January, Juan Guaidó, president of Venezuela's democratically elected, opposition-controlled National Assembly, has sought to form an interim government to serve until internationally observed elections can be held. Although the United States and 56 other countries recognize Guaidó as interim president, he has been unable to wrest Maduro from power. With Norway-backed negotiations between Maduro and Guaidó suspended, prospects for a negotiated solution to the crisis are uncertain. Venezuela's economy has collapsed. The country is plagued by hyperinflation, severe shortages of food and medicine, and electricity blackouts that have worsened an already dire humanitarian crisis. In April 2019, United Nations officials estimated that some 90% of Venezuelans are living in poverty. Maduro has blamed U.S. sanctions for these problems, but most observers cite economic mismanagement and corruption for the crisis. U.N. agencies estimate that 4.5 million Venezuelans had fled the country as of October 2019, primarily to Latin American and Caribbean countries."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Brown, Phillip (Specialist in Energy Policy); Margesson, Rhoda . . .
2019-11-07
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Venezuela: Background and U.S. Relations [Updated June 4, 2019]
From the Summary: "Venezuela remains in a deep political and economic crisis under the authoritarian rule of Nicolás Maduro of the United Socialist Party of Venezuela. Maduro, narrowly elected in 2013 after the death of Hugo Chávez (president, 1999-2013), began a second term on January 10, 2019, that most Venezuelans and much of the international community consider illegitimate. Since January, Juan Guaidó, president of Venezuela's democratically elected, opposition-controlled National Assembly, has sought to form an interim government to serve until internationally observed elections can be held. Although the United States and 53 other countries recognize Guaidó as interim president, the military high command, supported by Russia and Cuba, has remained loyal to Maduro. Venezuela is in a political stalemate as conditions in the country deteriorate. Venezuela's economy has collapsed. It is plagued by hyperinflation, severe shortages of food and medicine, and electricity blackouts that have worsened an already dire humanitarian crisis. In April 2019, United Nations officials estimated that some 90% of Venezuelans are living in poverty and 7 million need humanitarian assistance. Maduro has blamed U.S. sanctions for these problems, but most observers cite economic mismanagement and corruption under Chávez and Maduro for the current crisis. U.N. agencies estimate that 3.7 million Venezuelans had fled the country as of March 2019, primarily to other Latin American and Caribbean countries."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Nelson, Rebecca M.; Brown, Phillip (Specialist in Energy Policy) . . .
2019-06-04
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Venezuela: Background and U.S. Relations [March 9, 2018]
"Venezuela, long one of the most prosperous countries in South America with the world's largest proven oil reserves, continues to be in the throes of a deep political and economic crisis. Whereas populist President Hugo Chávez (1998-2013) governed during a period of generally high oil prices, his successor, Nicolás Maduro of the United Socialist Party of Venezuela (PSUV), has exacerbated an economic downturn caused by low global oil prices with mismanagement and corruption. According to Freedom House, Venezuela has fallen from 'partly free' under Chávez to 'not free' under Maduro, an unpopular leader who has violently quashed dissent and undermined the National Assembly, then illegally replaced it with a National Constituent Assembly (ANC) elected under controversial circumstances on July 30, 2017. President Maduro is seeking to consolidate power by convening an early presidential election on May 20, 2018, despite international criticism of the lack of guarantees provided to the opposition."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.
2018-03-09
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U.S. Sanctions on Russia [January 11, 2019]
"The executive branch also has used a variety of EOs [executive order]and legislation to impose sanctions on Russian individuals and entities in response to a number of other concerns. Legislation that established specifically Russia-related sanctions includes the following: [1] The Sergei Magnitsky Rule of Law Accountability Act of 2012 (P.L. 112-208, Title IV; 22 U.S.C. 5811 note); [2] Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Ukraine Act of 2014, as amended (SSIDES; P.L. 113-95; 22 U.S.C. 8901 et seq.); [3] Ukraine Freedom Support Act of 2014, as amended (UFSA; P.L. 113-272; 22 U.S.C. 8921 et seq.); [4] Countering Russian Influence in Europe and Eurasia Act of 2017, as amended (CRIEEA; P.L. 115-44, Countering America's Adversaries Through Sanctions Act [CAATSA], Title II; 22 U.S.C. 9501 et seq.)."
Library of Congress. Congressional Research Service
Welt, Cory; Archick, Kristin; Nelson, Rebecca M. . . .
2019-01-11
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International Approaches to Digital Currencies [Updated December 19, 2018]
"Since Bitcoin was introduced a decade ago, about 2,100 cryptocurrencies have been developed. Cryptocurrencies are digital representations of value that have no status as legal tender and are administered using distributed ledger technology, running on a network of independent, peer-topeer computers. Cryptocurrencies are controversial. Some think they will revolutionize the international payments system for the better; others are skeptical of the business model, calling it a scam. The interest and debate surrounding cryptocurrencies has led some central banks to examine whether the technology underpinning cryptocurrencies could be used to create digital versions of fiat currencies, which would have legal status in their jurisdiction of issue. Governments around the world are taking different approaches to cryptocurrencies and digital fiat currencies, an area of increasing focus for international organizations and forums underpinning the global economy. As Congress considers issues related to digital currencies, including whether to regulate further the cryptocurrency industry, the approaches taken by other governments and international bodies may be of interest."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.
2018-12-19
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Global Economic Effects of COVID-19 [Updated May 7, 2021]
From the Document: "In the year since the COVID-19 [coronavirus disease 2019] outbreak was first diagnosed, it has spread to over 200 countries and all U.S. states. The pandemic has negatively affected global economic growth beyond anything experienced in nearly a century. [...] The economic fallout from the pandemic could risk continued labor dislocations as a result of lingering high levels of unemployment not experienced since the Great Depression of the 1930s and high levels of debt among developing economies. Job losses have been concentrated more intensively in the services sector where workers have been unable to work offsite. The human costs in terms of lives lost will permanently affect global economic growth in addition to the cost of rising levels of poverty, lives upended, careers derailed, and increased social unrest. Some estimates indicate that 95 million people may have entered into extreme poverty in 2020 with 80 million more undernourished compared to pre-pandemic levels. In addition, some estimates indicate that global trade could fall by an annual amount of 9.0% or slightly less in 2020 as a result of the global economic downturn, exacting an especially heavy economic toll on trade-dependent developing and emerging economies. The full economic impact of the pandemic likely will remain unclear until the negative health effects peak. This report provides an overview of the global economic costs to date and the response by governments and international institutions to address these effects."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Weiss, Martin A.; Schwarzenberg, Andres B. . . .
2021-05-07
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Future of the Eurozone and U.S. Interests [January 10, 2011]
From the Summary: "Seventeen of the European Union's 27 member states share an economic and monetary union (EMU) with the euro as a single currency. Based on a gross domestic product (GDP) and global trade and investment shares comparable to the United States, these countries (collectively referred to as the Eurozone) are a major player in the world economy and can affect U.S. economic and political interests in significant ways. Given its economic and political heft, the evolution and future direction of the Eurozone is of major interest to Congress, particularly committees with oversight responsibilities for U.S. international economic and foreign policies. Uncertainty about the future of the Eurozone grew in early 2010 as a result of the onset of a sovereign debt crisis in Greece that spread to Ireland later in the year. These concerns, in turn, took on added significance because the euro is considered a cornerstone of the European integration process. One important cause of the crisis stemmed from flaws in the architecture of the currency union, including the fact that the EMU provides for a common central bank (the European Central Bank or ECB), and thus a common monetary policy, but leaves fiscal policy up to the member countries. Weak enforcement of fiscal discipline, over time, led to rising public debts, contributing to the 2010 Eurozone debt crisis. The problems were compounded by rapid expansion private sector debt in a number of countries, most notably Ireland."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.; Jackson, James K., 1949-; Nelson, Rebecca M.
2011-01-10
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U.S. Trade and Investment in the Middle East and North Africa: Overview and Issues for Congress [January 20, 2012]
"In order to support democratic political transitions and stability in the Middle East and North Africa (MENA), policymakers in Congress and elsewhere are discussing potentially using U.S. trade and investment to bolster long-term economic growth in the region. For example, President Obama has called for the creation of a 'Trade and Investment Partnership Initiative' in the MENA region, and some Members of Congress have called for deeper economic ties with Arab countries undergoing profound change. This report analyzes policy approaches that the Congress might consider concerning U.S.-MENA trade and investment."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.; Bolle, Mary Jane; Akhtar, Shayerah Ilias
2012-01-20
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U.S. Trade and Investment in the Middle East and North Africa: Overview and Issues for Congress [March 4, 2013]
"U.S. interest in deepening economic ties with certain countries in the Middle East and North Africa (MENA) has increased in light of the political unrest and transitions that have swept the region since early 2011. Policymakers in Congress and the Obama Administration are discussing ways that U.S. trade and investment can bolster long-term economic growth in the region. In May 2011, President Obama announced the MENA 'Trade and Investment Partnership Initiative' (MENA-TIP), through which various federal government agencies are engaged in efforts to enhance trade and investment with the region. Such activities are in line with long-standing U.S. trade policy goals and measures. Some Members of Congress have called for deeper economic ties with MENA countries undergoing political change. However, continued political uncertainty and changing security environments in the region have prompted greater scrutiny of U.S. engagement. This report analyzes policy approaches that Congress might consider concerning U.S.-MENA trade and investment."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Bolle, Mary Jane; Nelson, Rebecca M.
2013-03-04
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U.S. Trade and Investment in the Middle East and North Africa: Overview and Issues for Congress [February 28, 2013]
"U.S. interest in deepening economic ties with certain countries in the Middle East and North Africa (MENA) has increased in light of the political unrest and transitions that have swept the region since early 2011. Policymakers in Congress and the Obama Administration are discussing ways that U.S. trade and investment can bolster long-term economic growth in the region. In May 2011, President Obama announced the MENA 'Trade and Investment Partnership Initiative' (MENA-TIP), through which various federal government agencies are engaged in efforts to enhance trade and investment with the region. Such activities are in line with longstanding U.S. trade policy goals and measures. Some Members of Congress have called for deeper economic ties with MENA countries undergoing political change. However, continued political uncertainty and changing security environments in the region have prompted greater scrutiny of U.S. engagement. This report analyzes policy approaches that the Congress might consider concerning U.S.-MENA trade and investment."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.; Bolle, Mary Jane; Akhtar, Shayerah Ilias
2013-02-28
