Your current location:HOME >world >Interview: Expert says U.S. interest rate hikes causing ripple effects in developing countries 正文
TIME:2024-05-21 14:05:57 Source: Internet compilationEdit:world
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. ■
Messi in and Dybala out in Argentina squad for pre2024-05-21 13:35
Public servants on edge over nerve2024-05-21 13:28
What time does Coachella 2024 start? What to know about the music festival.2024-05-21 13:18
In Pictures: Rare celestial event totally eclipsed by thick cloud in Hong Kong2024-05-21 13:11
Adams, Reyna, Turner, Ream are US concerns ahead of Copa America2024-05-21 13:09
Tiger Woods heads out onto Augusta National course with Justin Thomas for another pre2024-05-21 13:08
Erik ten Hag admits he is relieved Harry Maguire stayed at Man United amid injury crisis2024-05-21 12:12
Is Phil Foden a shoo2024-05-21 11:44
Georgia Republicans choose Amy Kremer, organizer of pro2024-05-21 11:38
Man United legend Andy Cole accuses Mikel Arteta of 'mugging off' out2024-05-21 11:34
Young Boys seals 6th Swiss soccer league title in 7 years after rallying from firing coach Wicky2024-05-21 13:55
Neymar jokes about his contribution to Al2024-05-21 13:14
Premier League clubs vote unanimously for major new change to the offside rule2024-05-21 13:09
Hundreds of pests caught travelling along Transmission Gully2024-05-21 13:01
Amir Khan's £11.5m luxury wedding venue finally hosts its first marriage: Bride arrives on horse2024-05-21 12:45
Video: How Hong Kong film directors are navigating a new era of censorship2024-05-21 12:45
Revealed: The startling number of English2024-05-21 12:15
Revealed: The startling number of English2024-05-21 11:49
NBA playoffs: Edwards leads Wolves to 982024-05-21 11:43
Robert De Niro, 80, walks hand2024-05-21 11:42