Gold Chain

 Travel and tourism sector became the largest industry in many countries around the  globe not only generating infrastructure, income, employment and livelihood to the people but also provides both revenue and foreign exchange to the hostcountry. Income is generated mainly through the  sale of goods and services like accommodation transportation and attractions of heritage and culture which in turn boost both economic growth and multiplier effects in tourism sector and associated industries .The Arab - Israeli conflict of the early 1970s witnessed the forging and use of oil weapon through manifold increase in prices of petroleum products by petroleum Exporting Countries resulting in massive inflow of petro dollars to their coffers. While developed countries could offset the negative impact by hiking the prices of  goods and services they exported to Gulf countries, to developing It took much time to cope with the challenge and a solution emerged through rapid increas...

 The January 2024 World Bank report on Global Development prospects indicated that after a barrage of persistent shocks during the last four years ranging from COVID-19, Global recession, Supply disruptions due to geo political tensions like Russia Ukraine war, Israel Hamas conflict, high and persistent inflationary tendencies, rising food and energy prices,cost of living crisis climate change crisis,Interest rate hike by Central Banks to the extent of highest level in forty years, and ever mounting public debt of developing countries in general and debt distressed countries in particular.However currently global inflation is being tamed with out triggering a down turn and expects the possibility of a "soft landing"of global economy.The forecasts on Global Economic prospects indicated that both developed and developing countries are set to grow slowly in both 2024 and 2025 than in the decade before COVID-19.In fact global growth which was 6.2% in 2021 decreased to 3.0 in2022,...

 Aftermath of the great depression of 1930s resulted in the abandonment of gold standard system.Later the United Nations Monetary and financial conference held at Bretton Woods New Hampshire USA in July 1944 with 44 countries  decided to establish  twin institutions namely International Monetary Fund (IMF) and  World Bank (International Bank for Reconstruction and Development).The IMF has to provide international monetary cooperation, facilitate expansion of  global trade, growth,employment and promote exchange rate stability and orderly exchange arrangements and balance of payment and financial stability in member countries.Regarding exchange rate management Bretton woods agreement introduced a system of convertible currencies at fixed exchange rates and replaced gold standard with the system of US Dollar ( gold at $35 per ounce) for  official reserve purpose.Accordingly individual countries had to fix their exchange rate in terms US$ or equivalent to gold...