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Credit Access in Grenada

Credit Access in Grenada
Grenada is a small, densely populated island located in the southern Caribbean. The country is often nicknamed “Spice Isle” for its legacy of exceptional spice production. In recent years, Grenada has had stable economic growth averaging more than 5 percent annually, making it one of the fastest growing economies in the region. However, its location within the hurricane belt and its heavy reliance on commodity exports make the country vulnerable to economic shocks caused by natural disasters and market fluctuations.

Financial Infrastructure

Grenada has two main bodies regulating its financial operations. The Eastern Caribbean Central Bank (ECCB) is a regional body established in 1983 in order to maintain the stability of the eastern Caribbean currency and the integrity of the banking system. The ECCB serves as Grenada’s central bank, setting the country’s monetary supplies, lending rates and enforcing regulations upon the banking sector. A second body, the Grenada Authority for the Regulation of Financial Institutions (GARFIN), was introduced in 2007 by an act of parliament for the regulation of the non-bank financial sector that includes insurance agencies, credit unions, pension schemes and other financial services.

Credit Access Constraints

In addition to having a firm regulatory system, Grenada currently has five commercial banks and 10 credit unions operating in the country that offer a range of credit options for individuals and businesses. However, with around 65 percent of the country’s population living outside of urban settings, along with unattractive interest rates and a risk-averse corporate climate, credit access in Grenada remains an obstacle to equal and sustainable development. In fact, a recent report by the World Bank ranked Grenada 130th out of 189 countries in terms of access to credit. Similarly, a 2013 report by the Caribbean Development Bank cites lack of access to credit as one of three widely recognized constraints to the development of the private sector.

Grenada Development Bank

Being aware of the lingering issues, the government established the Grenada Development Bank (GDB) in a concentrated effort to improve credit access in Grenada. Overseen by GARFIN, the development bank was created to serve five core purposes:

  • Expand the development enterprises.
  • Assist with high education costs.
  • Foster the development of capital markets.
  • Mobilize and coordinate resources for financing industrial and agricultural projects.
  • Provide loans for home construction and renovation.

The bank operates under close government oversight to ensure it is guided primarily by Grenada’s development needs. Although in existence since 1976, GDB has undergone a series of structural revisions and has recently seen significant improvements to both its profits and its lending contributions. In an interview with the OECS Business Focus magazine, GDB Managing Director, Mervyn Lord, said the role of the bank is to finance the gap in the economy, thereby providing the only financing option for a whole range of Grenadians who do not qualify for commercial or credit union loans.

For instance, GDB offers mortgages to homebuyers who can demonstrate their ability to make monthly repayments even though they do not have the available funds to pay a deposit. Lord also added that GDB tries to accommodate borrowers by reducing red tape requirements and accepting any source of capital (rather than just cash) to secure business loans.

Future of Credit Access in Grenada

While many development indicators are pointing in the right direction for Grenada, there are still steps that need to be taken to safeguard its recent growth. A 2018 IMF report commends the Grenadine authorities for strengthening the financial system but advises that GARFIN improves its data monitoring and stress-testing system. Although a sign of improved credit access in Grenada, the rapid uptick seen in credit union lending could lead to high default rates if not closely monitored and regulated.

– Jamie Wiggan

Photo: Flickr

Zero Extreme Poverty in India by 2030?

Extreme Poverty in India
India recently fell from the top of the list in the ranking of countries living with extreme poverty. Defined as living under an income of $1.90 a day, India had remained at the top spot for many years. In 2016, India had an estimated 124 million people living in extreme poverty.

Due to longstanding economic efforts, the rate of poverty in India has fallen dramatically. Today it is estimated to be around 70 million. The numbers are still high, but the rate of reduction is nothing but optimistic. Every minute, about 44 Indians come out of poverty, which is one of the fastest rates of poverty reduction in the world. Studies indicate a staggering projection of zero percent extreme poverty by 2030.

Economic Growth in India

These projections rest solidly on The World Poverty Clock, which tracks poverty rates in real time. Its information is collected from domestic surveys and The International Monetary Fund’s data mapper, World Economic Outlook (IMF WEO). The clock’s projections suggest the gap between India and Nigeria (which now holds the most citizens living in extreme poverty) is widening. The World Poverty Clock has reported that by 2021, the forecast shows that the number of Indians living in extreme poverty will fall below 3 percent of the population.

India’s decline in poverty is correlated with its years-long economic growth. Over recent decades, the nation has implemented many economic efforts to counter economic instability. Ranil Salgado, the head of the IMF team for India has stated that a recent policy called the goods and services tax, which “created a unified national market for the first time by lowering internal barriers to trade – effectively establishing a free trade agreement for a market of 1.3 billion people.” The tax increases economic activity, creating jobs and customers. GDP has steadily grown in recent years at a rate of about 5-6 percent, but Salgado expects a rate of 7.3 percent for 2018-2019.

Necessary Steps to Reducing Poverty

In order to maintain this amount of growth and keep it healthy, India will have to monitor its growth and implement necessary policies. Nobel Peace laureate Muhammad Yunus believes India should encourage microfinance institutions “to fill up the gaps left by the conventional banks, that only cater to the rich.”

Access to finance is like economic breathing. In order to be independent and sustainable economically, individuals coming out of extreme poverty in India need the agency and independence microfinance legislation would create. If done right, Yunus is strong in his belief the U.N.’s projection of zero percent extreme poverty in India will be reached by 2030.

India is showing that this is not an impossible feat, but a very plausible one. The outlook shows that further growth is still needed, but this necessary first step is an encouraging one for the future of India.

– Yumi Wilson
Photo: Flickr

Exploring How the Media Misrepresents India

Media Misrepresents India
India is a vast South Asian country, not only with diverse terrain stretching from the Himalayas to the Indian Ocean Coastline but also with significant socio-economic contrasts. It is understandable how the media misrepresents India because it tends to shed light only on the rural and urban poor and the struggling.

With a population of more than 1.3 billion, there are stories of unfortunate and inhuman events that occur in the country but those events don’t represent India, as a whole. India needs to be looked at through fresh lenses to dispel the following ideas.

How the Media Misrepresents India

  1. Poor India: India is a developing country with 22 percent of its population living in poverty, but only about 5 percent of the Indian population lives in slums. The International Monetary Fund confirmed that India will be the fastest-growing major economy with a growth rate of 7.4 to 7.8 percent in 2019. In terms of GDP, India is now the world’s sixth-largest economy. 
  2. Uneducated Nation: This is another example of how the media misrepresents India, as an uneducated country. India has more than 1.5 million schools with more than 260 million students. Currently, India produces about 9 million graduates and 26.5 million students enrolled in Indian higher education per year. The country is set to produce the world’s largest number of engineers. The first ever Global Report commissioned by the Queen Elizabeth Prize has revealed that 80 percent of Indians aged 16 and 17 have shown interest in engineering, compared to 30 percent in the U.S. and 20 percent in the U.K.India is also the only country after the U.S. and Japan to build a supercomputer independently. Indian Space Research Organization (ISRO) also became the first country to orbit around Mars on its first attempt at a cost of just $74 million, which is just a fraction of what other nations have spent.  
  3. Dirty and chaotic: The media overlooks the fact that the country has luxury malls and hotels too. The number of malls has increased drastically in the past few years. With no malls in 2002 to 308 malls in 2017, India has improved a lot. The Government is also taking various actions like Swachh Bharat to bring out a better and clean India.
  4. Bollywood is a Zumba class: The Indian film industry is actually the largest film industry in the world, releasing more than 1,000 films each year. In 2015, there were two thousand multiplex theaters and the following year, 2.2 billion movie tickets were sold, which makes the country the leading film market in the entire world. Indian movies are not Hindi movies alone, but a variety made in different states and in different regional languages.

These are just a few examples of how the media misrepresents India. Hopefully, in the coming years, the media will shed more light on the brighter side of the country.

– Shweta Roy
Photo: Flickr

11 Facts About the International Monetary Fund

International Monetary Fund Facts
The International Monetary Fund (IMF), in combination with the World Bank, is the world’s largest public lender today.

Key Facts About the International Monetary Fund

 

  1. In the 1930’s the world was overtaken with financial turmoil from the Great Depression. Markets all over the world collapsed and countries closed their doors to foreign imports. The IMF was conceived in July 1944 at the United Nations Bretton Woods Conference in New Hampshire, to protect the world from a similar blow and hasten financial recovery in war-torn nations.
  2. The Fund was created to act as a credit union and watch over the values of the world’s currency, while facilitating International Trade, promote employment and sustainable growth and help to reduce global poverty. Its main aim is to maintain economic stability and help countries complete financial transactions.
  3. The three main responsibilities of the IMF are: Surveillance — specifically to monitor the economic and financial policies of its members; financial assistance through loans to its members experiencing balance of payments issues; and technical assistance to help members design and implement economic policies that foster stability and growth.
  4. Primary aims of the IMF: Promote international monetary cooperation, facilitate the expansion and balanced growth of international trade, promote exchange stability, assist in the establishment of a multilateral system of payments and make resources available to members experiencing balance of payment difficulties.
  5. The IMF is accountable to 189 member countries. Its Headquarters is located in Washington D.C.
  6. A country’s voting power is based on the size of its economy and the amount of the quota it pays when it joins the IMF. The U.S. has the largest share of votes (approximately 17 percent). Decisions require a supermajority– 85 percent of votes.
  7. The IMF advocates currency devaluation for governments of poor nations with struggling economies.
  8.  The largest borrowers of the IMF are Portugal, Greece, Ukraine, and Pakistan. The largest number of IMF loans have gone to the African Continent.
  9. The U.S. contributes about 20 percent of the total annual IMF Budget. The largest member of the IMF is the U.S. while the smallest member is Tuvalu.
  10. The fiscal year for the IMF begins on May 1 and ends on April 30.
  11. The head of the IMF staff is the Managing Director. The Managing Director also acts as Chairman of the Executive Board and serves a five-year term. The present Managing Director is Christine Lagarde of France. The Executive Board Members monitor the day to day work with the guidance of the International Monetary and Financial Committee.

Studies show that contrary to the criticism of the IMF, it fulfills its functions of promoting exchange rate stability and helping its members correct macroeconomic imbalances.

– Aishwarya Bansal

Photo: Flickr

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What One Woman Is Doing to Bring Change to Poverty

Sarah Emerson is the Director of Women Empowered Initiative at PCI Global and is the driving force behind the idea that women’s participation in the global economy can allow them to live up to their full economic and social potential while reducing global poverty.

According to the International Monetary Fund (IMF), more than 27 percent of the gross domestic product in developing countries is lost each year due to women being denied entry into the global economy.

Women like Emerson are driving change while empowering other women to do the same. These women are lifting their families out of poverty and transforming businesses and economies around the world.

Reducing Poverty Worldwide

The initiative has been a mechanism for empowering over 400,000 women around the world to pool their resources and become active participants in their communities while addressing food insecurity and reducing the impact of poverty. It is funded in part by USAID and focuses on self-sustaining women’s savings groups by building self-worth and not just capital. The initiative also builds leadership skills like goal setting, action planning and decision making about investments. These skills allow women to take the lead in the most important areas of their lives.

PCI Global believes that women are the solution to poverty and have the ability to bring about economic and social change to transform the lives of those living in extreme poverty.

Emerson continues to bring change to poverty, while addressing many other economic issues, through her campaigns and future development programs launched all over the world, including San Diego. San Diego is the home for many former refugees, resettled by the U.S. State Department, who need further aid to lift them out of poverty.

PCI Global focuses on women located on the Pacific coast of California who struggle with meeting the basic needs for survival. It also provides empowerment opportunities to low-income ethnic groups who require food, housing and access to medical care to create better standards of living.

PCI Global believes that the initiative has the trajectory to bring change to poverty, one woman and one community at a time.

– Rochelle R. Dean

Photo: Flickr

Ukraine Tries for Debt Relief

ukraine
This past March, Ukrainian Finance Minister Natalie Jaresko and Prime Minister Arseny Yatseniuk succeeded in securing an impressive amount of aid from the International Monetary Fund, but their work to bring Ukraine to financial stability has only just begun. The restructuring that the IMF and Ukraine agreed on calls for Ukraine to save $15.3 billion over the next four years, a number that would only be attainable if some of Ukraine’s creditors forgave a portion of their principle. So far, nobody seems willing.

After the violence last year sent Ukraine’s economy into a tailspin of high interest rates and dwindling federal bank reserves, the international community stepped in to lend Ukraine a hand – and several billion dollars.

Last April, the IMF approved a two-year loan of $17 billion to Ukraine, but soon deemed the plan insufficient to build reform while the government was busy fighting pro-Russia separatists in eastern Ukraine.

This March, the IMF approved a loan that would deliver $17.5 billion over the next four years, with $10 billion of the money being delivered this year. An official statement by IMF Managing Director Christine Lagarde in Berlin called the program “very strongly front-loaded during the first year.” She went on to express optimism about the plan, saying, “Ukraine has satisfied all the prior actions that were expected and required of it in order to start running the program. … We are off to a good start.”

‘Front-heavy’ loans like this are supposed to kick-start the rebuilding process and bring faltering economies out of their downward spirals. That money was combined with an additional promise of $7.5 billion from other international organizations and an expected $15.3 billion in debt relief.

Even with this assistance and the optimism of the IMF, the Ukrainian economy is expected to contract by 5.5 percent in 2015, before rebounding and growing by an estimated two percent in 2016. While the outlook of the IMF and the Ukrainian government is cautiously optimistic, their goal remains lofty. By 2020, they aim to reduce Ukraine’s debt down to $56.1 billion, from the estimated debt in 2015 of $74.9 billion.

Ukraine’s debt can be broken into four very rough categories: there is debt to international organizations like the IMF, which is unlikely to change. There is debt to friendly governments like the United States, which would also be hard to change. The remaining two kinds of debt are Ukraine’s $17.3 billion in sovereign Eurobonds and $31.4 billion in domestic debt. These are the debts the Ukrainian government has the best chance of re-negotiating, but simple interest alterations won’t be enough. To meet its goal, the Ukrainian government will have to reduce the principle of these debts.

This will not be a task for the faint of heart. The largest private bondholder, asset management company Franklin Templeton, has hired heavy-hitting consulting group Blackstone to advise them during talks, a sure sign that they don’t plan to surrender much. However, the toughest creditor is probably Russia, who holds $3 billion of Ukraine’s Eurobond debt, and has proven intractable to negotiation about restructuring so far.

If Prime Minister Yatseniuk and Finance Minister Jaresko can negotiate a manageable plan for debt repayment, Ukraine’s economy has the potential to make an impressive comeback.

– Marina Middleton

Sources: IMF, Bloomberg 1, Bloomberg 2, Reuters
Photo: Flickr

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Rural Poverty and Urban Poverty

Poverty is not made up of a cut-and-dry set of circumstances. Rural poverty and urban poverty differ on many levels, with distinctive, environment-based issues that characterize quality of life.

There are similarities, of course, that span both rural and urban poverty. The International Monetary Fund (IMF) states that poverty usually entails deprivation, vulnerability and powerlessness. However, these issues are sometimes inflicted on certain individuals or groups more than others. For example, women and children are more likely to experience poverty more intensely than men and minorities tend to suffer more greatly than other groups.

The IMF reports that 63 percent of the world’s impoverished live in rural areas. Education, health care and sanitation are all lacking in rural environments. This causes many of the rural poor to move to cities, which often leads to a rise in urban poverty.

 

Compare and Contrast: Rural Poverty and Urban Poverty

 

The rural poor are divided into further subsets based on profession: typically, cultivators who own land and noncultivators who do not. Cultivators are slightly better off, as they are able to make some money operating farms and charging tenants for using their land. Noncultivators, however, are extremely poor, working as seasonal laborers on farms. Their pay is both low and erratic, as it is based on the schedules of farm owners and the other few employers available. The rural poor often suffer more than the urban poor because public services and charities are not available to them.

Several factors tend to perpetuate rural poverty. For example, political instability and corruption, customs of discrimination, unregulated landlord/tenant arrangements and outdated economic policies often make it impossible for the rural poor to rise above poverty lines.

While generally considered less severe, urban poverty provides the poor with a host of separate issues. The World Bank found that urban populations in developing countries are growing rapidly, at a rate of 70 million new city-dwellers per year. Former residents of rural areas are typically drawn to the city for the perceived wealth of economic opportunities, but often, those dreams fall short.

Compared to rural villages, there are indeed more job opportunities in urban areas. However, many migrants lack the skillset to take on many jobs, and positions for unskilled laborers fill up quickly. This shortage of jobs leaves new residents without a steady income, which creates a series of new problems in the city.

Without an income, the urban poor often find themselves in inadequate housing with poor safety and sanitation. Additionally, health and education packages are limited. Crime and violence are also much more rampant in urban settings than in rural ones, threatening the authority of law enforcement and the peace of mind of city dwellers.

Health is quite variable throughout rural and urban settings. While the rural poor lack access to urban health care programs, they sometimes benefit from the distance between the country and the city. In the close quarters that characterize city living, it is easy for disease to spread.

Additionally, communal resources in cities can actually lead to health problems. According to The Guardian, families usually have their own personal latrine, so if a health problem starts among the family, the latrine can be closed off and the health risk minimized. However, in cities where many people on a daily basis use public restrooms, disease can spread rapidly and tracking down the source can be nearly impossible.

Though rural poverty is currently higher than urban poverty, research shows that soon, urban areas will become home to the majority of impoverished people. The perception of greater opportunity leads the rural poor away from the countryside and into the cities, where they often end up in even further poverty. An overhaul of urban development programs is necessary to combat the issues with sanitation, safety and hunger that propagate urban poverty.

– Bridget Tobin

Sources: World Bank, The Guardian, International Monetary Fund
Photo: Brommel

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The International Monetary Fund: Friend or Foe?

Growth does not happen instantaneously and, oftentimes, catalyzing economic growth is a decades-long venture. No one expects positive results immediately, but people do expect a fair approach to promoting wealth. In times of crisis, most countries answer to the same worldwide organizations dedicated to ameliorating economic recession. Primarily, the International Monetary Fund (IMF).

Founded shortly after World War II, the IMF’s mandate was to promote international trade and economic cooperation by aiding countries in times of crisis, vis-a-vis loans and budgetary advice. It is predominantly counseled by six nations according to a weighted voting system. Germany, France, Japan, Britain, China and the United States control over 50 percent of the organization’s voting power. This is an important consideration when one considers that small, poverty-stricken countries, like those in Africa or Latin America, have absolutely no say in the IMF’s policies in comparison to a few powerful member states.

While the IMF may masquerade as an institution seeking to mitigate poverty, its economic decisions stem from countries that prioritize their own power and wealth. Noam Chomsky, a prominent political analyst and professor emeritus at MIT, described the works of the IMF and its top-member nations as “Designed for capital, not people.”

Most loan agreements from the International Monetary Fund come with harsh conditions that encourage the eventual triumph of capital while simultaneously removing social safety nets. Stipulations on loan agreements require severe cutbacks on wages and welfare in order to receive critically needed funds. Invariably, these loan conditions target the programs used by the working class majority.

News outlet Global Exchange (GE) documents the history of IMF protocol, reporting that “The IMF and World Bank frequently advise countries to attract foreign investors by weakening their labor laws – eliminating collective bargaining laws and suppressing wages.” Rather than encouraging domestic development, the IMF enforces economic policies that favor en mass, cheap exports operated through low wage labors costs and weakly regulated industries.

The results of Latin America’s arrangement with the IMF is indicative of the results of a “capital over community” approach. Argentina, once considered the model of financial prowess by the IMF, has steadily declined following the organization’s intervention during the late 90’s. According to University of Washington professor Victor Menaldo, “Public investment is the lowest it has ever been, less than 2 percent of GDP. Taxes on capital gains are less than 5 percent as of 2000. Lastly, along with Argentina, Brazil and Mexico are experiencing the highest amount of foreign debt in their histories.”

For many developing nations and countries under recession, poverty can be right around the corner. The way international organizations and enterprises collaborate in dealing with such potential poverty will determine whether a nation prospers or stagnates. Eliminating poverty is dependent on adjusting the failures of mainstream economics. This means stepping away from the IMF, preventing reductions in labor laws and not withholding loan agreements on conditions—such as eliminating bargaining rights or striking pensions—that have shown to only hurt economies in both the short and long term.

— Michael Giacoumopoulos

Sources: Global Exchange, The Tech, The Washington Post
Photo: NSZ

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Greece: A Nation in Decline

Greek_financial_crisis_Zeus_economy
In 2013, Greece faced its sixth consecutive year of a devastating recession. In order to secure $325 billion in rescue funds from the European Union and the International Monetary Fund, the Greek government resorted to cutting jobs and wages, actions that consequentially incited mass protests and unrest.

As a result, according to statistics released by the Hellenic Statistical Authority (HSA,) nearly a quarter of Greece’s population is susceptible to poverty. In a nation composed of 11 million residents, 2.75 million of whom are at risk of poverty, Greece has the highest poverty risk in the E.U. Among those at risk, the most susceptible individuals are single parents and unemployed men. Approximately half of jobless men in Greece are at risk of poverty, while single-parent households are also in a vulnerable position.

A factor contributing to the anticipated poverty of Greece’s population are the projected social welfare budget cuts for 2014. Between 2012 to 2013, the welfare budget had been cut by almost seven percent. However, the projected budget reduction for social welfare in 2014 is a staggering 18%, or $406 billion.

Furthermore, according to the Public Policy Analysis Group at the Athens University of Economics and Business (AUEB) discovered that within the last year, approximately 14% of Greeks had earned an income that was less than the living standard. In contrast, in 2004, only two percent of the population had earned an income below the standard of living.

Since 2008, the crisis in Greece had steadily increased in volatility. According to ESYE statistics agency, an increase in material deprivation in at least four of the nine basic categories of goods and services for human survival occurred during the past five years. To clarify, basic needs include the ability to endure unforeseen financial expenses, eat meat every two days, and heat one’s home. However, due to the economic crisis, approximately 76.3% of poor Greeks were directly affected, while 30.8 percent of the non-poor population suffered as well.

Without adequate government intervention, a substantial portion of the Greek population will remain at risk of poverty throughout 2014. With poverty and struggle in sight, internal social conflict in Greece will continue to rise as well. However, with aid from the E.U. and gradual stabilization, the nation can begin to recover.

– Phoebe Pradhan

Sources: International Business Times, The Telegraph, Zero Hedge, AFR
Photo: Read My Mind

Hidden Cost of Energy: Fuel Subsidies

Hidden Cost of Energy Fuel Subsidies
Nobody wants to pay more for gas.

Fossil fuels account for the vast majority of energy production, and, as non-renewable resources, the price has steadily increased for energy as supply dwindles and demand has surged.  Throughout most of the world, especially the richest nations, the true cost of energy is not seen due to a wide array of fuel subsidies and energy “support.”

There is not much agreement on what exactly constitutes a fuel subsidy but, all seem to agree that a lot of money is being spent on supporting various energy industries by artificially reducing the direct cost of production and consumption. So, while many tactics are employed in reducing energy costs, very few countries accurately report what they spend. Further, assessing the fiscal damage to the environment as well as the lack of funds generated by not imposing taxes (such as those on carbon emissions) become even trickier to estimate.

The International Monetary Fund estimates global fuel subsidies at 1.9 trillion USD, or 8 percent of all governments’ revenue. These estimates are extremely conservative, though, considering the dollar amount they use for the social cost of carbon, $25 per ton, is less than a third of what the UK and independent analysts have found. Also, the estimate does not include the vast majority of energy producer subsidies, only looking at consumer subsidies for oil and coal.

The impact of fuel subsidies is far-ranging. Pre-tax subsidies, or those that are direct cost reductions from the government to consumers, come at a global cost of 480 billion USD according to IMF’s report on 2011’s data. These are funds that are being deprived from social programs for urgencies such as roads, water distribution and poverty alleviation.

Subsidies are often unequally distributed. In developing countries, the IMF found the top fifth of societies in household income reap six times the subsidies of anyone else. The cost of these subsidies is offset by increased prices of other goods and services –resulting in a 6 percent decrease in income for every $0.25 cost decrease per liter.

Artificially increasing demand and consumption for fossil fuels reduces investment and growth in alternative fuel sources as much as the growth of many other markets — especially, exports.

Though developing countries appear to receive the most negative impact, developed nations such as the US and Russia spend the most through post-tax subsidies. Estimates on US subsidies range from $10 billion to $52 billion and do not include any of the associated health or environmental costs.

So, what can be done?

Various countries have successfully phased out tax reduction programs in the coal industry such as Poland, Germany and most developed nations do not offer pre-tax subsidies.  Unfortunately, little progress has been made on oil subsidies, which account for over 2/3 of the total. Developed countries will have to continue to lead the charge in reforming these harmful economic policies.  Transparency to the accurate amounts of what is actually being spent and to whom the money is going to may very well be the first step toward achieving more effective means of viable economic stability and sustainable progress in the use of depleting resources.

– Tyson Watkins

Sources: IMF, IEA, Oil Change International, Grist, BBC News, Climate Progress
Photo: Giphy.com