Current location:opinions >>
Interview: Expert says U.S. interest rate hikes causing ripple effects in developing countries
opinions7813People have gathered around
IntroductionABUJA, 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. ■
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Culture Canvas news portal”。http://tokelau.brianlynch.org/content-72f099850.html
Related articles
Saudi Arabia is going to sponsor the WTA women's tennis rankings under a new partnership
opinionsNEW YORK (AP) — Saudi Arabia’s move into tennis will now include a multiyear deal to sponsor the WTA ...
【opinions】
Read moreChina's internet sector R&D spending logs robust growth in Jan.
opinionsA staff member of China Electronic Technology Group Corporation (CETC) demonstrates a wearable exosk ...
【opinions】
Read moreMars probe Tianwen 1 leaves Chinese mark on red planet
opinionsBy Yu Jianbin (People's Daily) 09:19, May 18, 2021“The landing left a Chinese mark on Mars for the f ...
【opinions】
Read more
Popular articles
- Not so Cool Britannia! Noel Gallagher gives damning verdict on Keir Starmer
- Peng Liyuan Attends UNESCO Award Ceremony for Girls', Women's Education
- Index reflects nation's strength in AI governance
- China sees expansion in 5G network coverage
- Kristin Cavallari, 37, ignores critics of her age
- China prepares to launch space station core module
Latest articles
Celebrity birthdays for the week of May 26
Handy with fashion tech
Models of China's space station and lunar rover Yutu displayed in Vienna
China's homemade subsea oil drilling equipment put into use in Zhanjiang
Saudi Arabia is going to sponsor the WTA women's tennis rankings under a new partnership
Automakers aiming to become shipshape as exports make waves
LINKS
- Xi calls for closer ties with Vietnam
- Xi meets Dominican PM
- Severing of Sino
- Washington urged to respect rule of law in Hong Kong
- French health foundation's cooperation commended
- Forum: Democracy takes many forms
- '143 people still missing' after Moscow attack
- China firmly opposes its citizens being harassed when visiting the U.S.: spokesperson
- Xi meets Dominican PM
- Anniversary of Sino