After the 2008 global financial crisis, the world seemed ready to undertake meaningful reform of the international monetary system. But the promised structural changes never happened. And the recent spring meetings of the International Monetary Fund and the World Bank indicated that the current bout of global economic upheaval will similarly fail to spur transformation.

U.S. President Joe Biden often talks about leading the world. But if sanctions are what he meant, and if abusing the national security exception against WTO members is the means, the global economic system would be better off without America.

The predictable downward revision cycle for the global economic outlook has officially begun. That’s the message from the semi-annual World Economic Outlook just released by the International Monetary Fund, which reinforces earlier revisions from several prominent private forecasting teams.

The current lockdowns in China have the potential for substantial disruptions of supply chains and business on a global scale.

The world is largely off track in terms of achieving the UN’s Sustainable Development Goals by 2030. But China’s Global Development Initiative and Belt and Road Initiative can work together for a better future.

The Ukraine conflict will hit low-income developing countries with particular ferocity. These countries are not in Europe, nor are they involved in the war. Yet their people will suffer soaring energy costs, hunger, poverty and financial ruin.

Dual circulation is set to reorient China’s economy as Beijing rethinks how it will engage with the world.

In early March, Premier Li Keqiang announced that China is targeting GDP growth of “about 5.5%” this year. That would be ambitious even without Russia’s war against Ukraine and the attendant increases in global energy and food prices. Back in January, for example, the International Monetary Fund forecast that the Chinese economy would grow by only 4.8% in 2022. And in 2019, the last full year before the COVID-19 pandemic, GDP increased by just under 6%.

Punishments of Russia cut both ways for the West and may even be self-defeating. The European and U.S. economies are suffering a backlash in rising energy prices, shrinking corporate profits and inflation-induced economic hardships.

Recently, the IMF downgraded global growth prospects, due to projected slowdowns in the U.S. and China. Negative prospects could be overcome with the right policies, such as trade cooperation. The current ones support stagflation.