Previews: The Economist Magazine – May 20, 2023

Business | May 20th 2023 Edition

The Economist – May 20, 2023 issue:

Joe Biden’s global vision is too timid and pessimistic

The president underestimates America’s strengths and misunderstands how it acquired them

In the 1940s and early 1950s America built a new world order out of the chaos of war. For all its shortcomings, it kept the peace between superpowers and underpinned decades of growth that lifted billions out of poverty. Today that order, based on global rules, free markets and an American promise to uphold both, is fraying. Toxic partisanship at home has corroded confidence in America’s government. 

China and the West take a step to ease Africa’s debt crisis

A deal for Ghana is the first test case for a new approach

A man holds a 100 cedis, the Ghana currency, note in Accra, Ghana, on December 1, 2022. - Ghana is battling its worst economic crisis in decades.The government on December 14, 2022 signed a $3 billion bailout deal with the International Monetary Fund in a bid to shore up its public finances, but economic stability is still a way off.Once applauded as a haven of economic stability and security in a region plagued by coups and jihadist wars, Ghana has steadily lost investor confidence as its economy slipped into crisis. (Photo by Nipah Dennis / AFP) (Photo by NIPAH DENNIS/AFP via Getty Images)

Ghana made history when it led the wave of sub-Saharan African countries that won independence more than six decades ago. It may now be making history again, as the first test case for a new approach to debt relief. China and Western governments may have overcome one barrier to restructuring the billions of dollars owed by countries with unsustainable debts.


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