political integration in various expanses, and interdependence among countries of the world. The key international institutions that facilitate globalization include the International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO). To begin with, the IMF plays a significant role in global financial stability by facilitating global trade that promotes job creation, poverty reduction and economic growth. It also encourages exchange rate stability and an open system for international payments. Secondly, the World Bank aids in trade liberalization, transference of information and knowledge to developing countries to underpin sustainable development. Lastly, the WTO established the General Agreement on Tariffs and Trade (GATT), which encompasses global trade in goods… Continue Reading...
economies and improve the standard of living of their citizens. International lending institutions, for instance World Bank and International Monetary Fund (IMF) play significant roles in the economic, social, and political development of developing nations through the provision of monetary help and support. Furthermore, these institutions provide essential support to developing nations, such as India, for their general development. India is one of the fast developing nations in the world and these lending institutions have played a fundamental role in this regard. For instance, the World Bank has established the Partnering Strategy for India, which essentially is a program that is designed to set up the foundations for… Continue Reading...
transparency of its national budget formulation process, but improvements in provincial budget-making are still needed (Malemba, 2014).
International Monetary Fund
The International Monetary Fund (IMF) concurs with WTO’s assessment of South Africa for the period 2003 through 2008, but cautions that following this relatively robust economic growth, the country experienced a downturn, like other major economies, after the Great Recession of 2009 (Selassie, 2011). The South African economy has languished with complete recovery being elusive (Selassie, 2011).
GNI Growth
As an annual percentage, GNI growth reflects the total of value from all domestic producers as well as any product taxes (less subsidies) that are not included in… Continue Reading...
