Your current location:HOME >health >Interview: Expert says U.S. interest rate hikes causing ripple effects in developing countries 正文
TIME:2024-05-21 08:33:29 Source: Internet compilationEdit:health
ABUJA, Nov. 10 (Xinhua) -- The successive U.S. rate hikes have sent shockwaves into developing count
ABUJA, Nov. 10 (Xinhua) -- The successive U.S. rate hikes have sent shockwaves into developing countries, especially those in Africa, a scholar has said.
The U.S. policy measure will have a cataclysmic effect for many developing countries around the world, as "this measure, for sure, will not put smiles on (those facing) already difficult challenges," said Charles Onunaiju, an international affairs analyst based in Abuja, told Xinhua in a recent interview.
In its latest rate hike, the U.S. Federal Reserve raised the interest rate by three-quarters of a percentage point, and indicated further hikes in coming months as the United States seeks to rein in inflation.
The effects of such hikes on the economy of developing countries will become more apparent by the day, said Onunaiju, who has authored several books on international relations.
"When you are a major power, you are no longer thinking in terms of your people alone. You must assume major power responsibility," said the expert, urging U.S. authorities to consider the ripple effects of the country's policies on developing nations.
For Nigeria, the most populous African country, Onunaiju said the harsh effects of the U.S. policy are apparent. Like many developing countries, Nigeria uses the U.S. dollar as a major international currency and thus have to face a raft of challenges including the depreciation of its own currency and a slowdown of international investment.
Given the U.S. dollar hegemony, he noted the denominated dollar debt of developing countries would continue to balloon and essentially lead to economic slowdown.
"We will have issues of countries stripping down. And these are some of the consequences that will follow from this kind of measure," said Onunaiju. ■
Philippines blames China for loss of giant clams in disputed shoal and urges environmental inquiry2024-05-21 07:46
Canadian gov't announces plan to solve national housing crisis2024-05-21 07:46
China to step up financial support for green development2024-05-21 07:41
Chinese military spokesperson answers media questions during annual legislative session2024-05-21 07:21
The fightback begins: Boss of London's Queen Mary University tells pro2024-05-21 07:03
MPs are urged to finally pass the Rwanda bill after 535 migrants cross the Channel on Sunday2024-05-21 07:02
The New York Islanders clinch a playoff spot in the Eastern Conference with 42024-05-21 06:36
China moves to make financing easier for small businesses2024-05-21 06:28
Celebrity birthdays for the week of May 262024-05-21 06:05
With 'functional' beverages, brands push drinks that do more than taste good2024-05-21 05:56
Georgia Republicans choose Amy Kremer, organizer of pro2024-05-21 08:24
Medical insurance fund remains strong, despite aging population2024-05-21 08:22
QUENTIN LETTS: We can guess who plenty of Labour MPs would cheer in an Israel2024-05-21 08:18
Record foreign visitors to Japan reported in February2024-05-21 07:56
Analysis: Larson enters conversation with Verstappen as best drivers in the world2024-05-21 07:44
Chinese vice president meets Cambodian King, Queen Mother2024-05-21 07:40
Why the royals are no fans of Buckingham Palace... and what it's really like to live there2024-05-21 07:21
Chinese traditional music charms Maltese audience2024-05-21 07:04
Storms damage homes in Oklahoma and Kansas. But in Houston, most power is restored2024-05-21 06:52
China launches new relay satellite for Earth2024-05-21 05:47