Sansad TV
In this episode of the Perspective Prog. based on ‘Dollar Dominance: Under threat?’. Nearly two months…and there are no signs of the Russia-Ukraine war abating. Beyond the suffering and humanitarian crisis, the war has dealt a major blow to the global economy. The World Bank has lowered its annual global growth forecast for 2022 by nearly a full percentage point, from 4.1% down to 3.2%, citing the pressure that Russia’s invasion of Ukraine has placed on the global economy. At the same time, unprecedented financial sanctions on Russia by the major Western powers are promoting changes in the international financial order and driving profound changes in the international monetary system and the global financial landscape. As per IMF’s first deputy managing director Gita Gopinath, financial sanctions imposed on Russia threaten to gradually dilute the dominance of the U.S. dollar and could result in a more fragmented international monetary system. Sweeping sanctions and the move by the US and its allies to freeze Russia’s central bank out of much of its foreign currency reserves has raised concerns that countries could start moving away from using the dollar, due to worries about the power the currency grants the US. To understand more on this and related risks to the dominance of the dollar in view of the prevailing global situation and what it means for the international financial market.
Anchor:- Teena Jha
Producer:- Amit Srivastava, Sagheer Ahmad
1. Arvind Panagariya, Professor of Economics, Columbia University
2. Subhomoy Bhattacharjee, Consulting Editor, Business Standard
3. Dr. Arvind Virmani, Chairman, EGROW Foundation
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