The pandemic and the Ukraine crisis have elevated global debt levels to new heights, beyond the stress nations were already facing before the pandemic. According to the recent IMF World Economic Outlook, the debt-to-GDP ratio in the median emerging market and the middle-income country was about 60 percent in 2021, as compared to 40 percent in 2013 at the time of the taper tantrum. Similarly, for low-income countries, it was double the amount in 2021 as compared to 2013.
The recovery from the pandemic has been largely uneven due to inadequate access to essential healthcare. By 2021, only half of the WHO member states reached the target of vaccinating 40 percent of their populations, and only 10 percent of the population in low-income countries have received at least one dose of the vaccine. Given that countries have varying capacities in addressing health threats and unequal access to public goods, health financing will become crucial in overcoming future health threats.
The Russia–Ukraine war has led to resurfacing of concerns regarding the illicit use of crypto-assets and its impact on the global financial stability. The crypto-assets are evolving quickly, thus G20 should play a key role in the regulation of digital assets through close global coordination with standard-setting bodies. The regulation of the assets must ensure supervision that creates necessary conditions for safe innovation.
Horizons Hosts James Dorsey for a Discussion on Middle East Escalation
The Center for International Relations and Sustainable Development (CIRSD) hosted an award-winning journalist and scholar Dr. James M. Dorsey for a special Horizons Discussion on June 23rd, 2025. In conversation with Horizons Managing Editor Stefan Antić, Dorsey unpacked the lightning-fast escalation between Israel and Iran, the Trump administration’s divided response, and the wider stakes for regional and great-power politics.
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Vuk Jeremić at St. Petersburg Economic Forum: “We Are Living in a Time of Grave Geopolitical Instability”
St. Petersburg, June 2025 – Speaking at the St. Petersburg International Economic Forum on the high-level panel “Eco-Rethinking of the Global Financial System,” Vuk Jeremić, President of the Center for International Relations and Sustainable Development (CIRSD), delivered a stark warning about the risks posed by escalating global tensions to any serious attempt at international financial system reform.
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CIRSD Hosts Ugandan Presidential Advisor Odrek Rwabwogo in Latest Horizons Discussion: A Deep Dive into Africa’s Industrial Future
The Center for International Relations and Sustainable Development (CIRSD) hosted Mr. Odrek Rwabwogo, Uganda’s Presidential Advisor on Exports and Industrial Development, as the featured guest in the latest installment of its flagship Horizons Discussion series — the main dialogue platform of Horizons journal.
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CIRSD Vice President Stefan Jovanović Speaks at Regional Conference on China’s Role in the Western Balkans
Belgrade, June 5, 2025 – Stefan Jovanović, Vice President of the Center for International Relations and Sustainable Development (CIRSD), participated in the regional conference “Democracy Meets Strategy: Parliament’s Place in China Policy”, held in Belgrade. The event gathered parliamentarians, policymakers, and experts from across the Western Balkans to examine the region’s evolving cooperation with the People’s Republic of China.
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