economic

Jennifer Geerlings-Simons to lead the impoverished Latin American country through crisis before oil wealth arrives.

Suriname has elected Jennifer Geerlings-Simons as its first female president, with parliament backing the 71-year-old physician and lawmaker to lead the crisis-hit South American nation.

Her election came after a coalition deal was struck in the National Assembly, which voted by a two-thirds majority on Sunday.

The move followed inconclusive May polls and mounting pressure to replace outgoing President Chandrikapersad Santokhi, whose tenure was marred by corruption scandals and harsh austerity.

Geerlings-Simons, leader of the National Democratic Party, ran unopposed and will take office on July 16.

“I am aware that the heavy task I have taken on is further aggravated by the fact that I am the first woman to serve the country in this position,” she said after her confirmation.

She will be joined by running mate Gregory Rusland, as the pair inherit a country struggling under the weight of economic hardship, reduced subsidies, and widespread frustration. While Santokhi’s government managed to restructure debt and restore macroeconomic stability with IMF backing, it also triggered mass protests over deep cuts.

With Suriname expected to begin producing offshore oil in 2028, Geerlings-Simons has promised to focus on stabilising state finances. She has previously pledged to boost revenues by tightening tax collection, including from small-scale gold miners.

Economists warn she faces a rocky road ahead. Winston Ramautarsingh, former head of the national economists’ association, said Suriname must repay about $400m annually in debt servicing.

“Suriname does not have that money,” he said. “The previous government rescheduled the debts, but that was only a postponement.”

Geerlings-Simons will now be tasked with steering the Dutch-speaking country of 646,000 people through a fragile period, balancing public discontent with the promise of future oil wealth.

As Suriname prepares to mark 50 years since gaining independence from the Netherlands this November, the small South American country is pinning its hopes on a new era driven by oil wealth and deepening ties with China.

In 2019, it joined China’s Belt and Road Initiative, becoming one of the first Latin American states to sign on to the vast infrastructure project.

Suriname is one of the continent’s poorest nations, despite its rich ethnic tapestry that includes descendants of Africans, Indigenous groups, Indians, Indonesians, Chinese, and Dutch settlers.

June 27 (UPI) — Latin America and the Caribbean rank among the regions with the highest rates of criminal activity worldwide, marked by a strong presence of illicit markets and limited institutional capacity to combat them.

Organized crime has become one of the biggest obstacles to economic development in the region, according to a World Bank report. The report points to four main drivers: territorial control, criminal governance, institutional capture and systemic violence.

In addition to producing and consuming large quantities of cocaine, Latin American criminal groups play a central role in trafficking the drug to the United States and the European Union. These networks are tightly linked to criminal organizations around the world and have a significant impact on the region’s economy, according to the Global Initiative Against Transnational Organized Crime, or GI-TOC.

Although the region makes up just 9% of the world’s population, it accounts for about one-third of global homicides, with rates up to eight times higher than the global average. Twelve Latin American countries are among the 50 most affected by organized crime, according to GI-TOC.

A study by the Inter-American Development Bank, led by Argentine researcher Santiago Pérez-Vicent, estimates that criminal organizations cause economic losses equal to 3.5% of the region’s gross domestic product. That figure represents 78% of the regional education budget, twice the amount spent on social assistance and 12 times the investment in research and development.

Colombia, Peru and Bolivia dominate global cocaine production, while Mexico, Brazil and several Central American countries serve as key transit and distribution routes to major consumer markets in North America and Europe.

Cocaine’s impact in Latin America goes beyond the global illicit economy, fueling violent clashes among rival cartels across the region.

In Mexico, about 30,000 teenagers are involved in organized crime, according to the Legal Research Institute at the National Autonomous University of Mexico. They engage in 22 types of criminal activity, including drug trafficking and kidnapping, with many recruited as hitmen due to their age and vulnerability.

Alongside major cartels in Colombia and Mexico, new groups have emerged, including Venezuela’s Tren de Aragua and Brazil’s Primeiro Comando da Capital, or PCC. These organizations have developed new strategies to traffic drugs — including substances beyond cocaine — into the United States and the European Union.

Experts and international organizations say organized crime in the region has evolved significantly. Fragmented and diversified networks are expanding through alliances with foreign groups, including Albanian and Italian mafias.

While most governments in the region focus on combating drug trafficking, cocaine production is only one part of a broader criminal economy. According to The Evolution of Organized Crime in Latin America, a report by researchers Lucía Dammert and Carolina Sampó, organized crime also drives illegal mining, migrant smuggling and human trafficking — activities that severely impact communities and threaten regional and global security.

Illicit activities have expanded into markets with direct human impact, including logging, livestock operations, the cultivation of prohibited plant species and large-scale illegal and unregulated fishing, according to the report.

“Human and arms trafficking, prostitution, the spread of synthetic drugs, counterfeit pharmaceuticals, contract killings and illegal mining — which in countries like Peru and Colombia generate as much or more revenue than drug trafficking — are among the criminal enterprises that have taken hold,” said Pablo Zeballos, a former intelligence officer and international organized crime consultant, in an interview with the BBC.

In recent years, several Latin American countries that were once relatively free of gang-led violence have experienced growing insecurity, violence and lawlessness.

Organized crime has shaped life in places like Mexico, Colombia and Brazil for decades, said Jeremy McDermott, co-director of InSight Crime, in a podcast for Americas Quarterly. “Now, historically more peaceful countries such as Chile, Costa Rica and Uruguay are starting to experience rising levels of violence,” he added.

The expansion of organized crime in Latin America has been driven by a lack of effective coordination among regional governments, limiting joint responses to transnational threats such as drug trafficking, arms smuggling and human trafficking, according to reports from GI-TOC and InSight Crime.

This structural weakness is compounded by the steady erosion of institutions in several countries, marked by high levels of corruption, impunity and limited operational capacity within law enforcement.

Together, these conditions have created power vacuums that criminal groups exploit to establish sophisticated networks of territorial control, infiltrate legal economies and overwhelm national response systems.

The central bank held rates steady despite backlash from US President Donald Trump.

The United States Federal Reserve has left its benchmark rate unchanged despite mounting pressure from President Donald Trump to cut rates.

On Wednesday, the Fed said it will leave its short-term rate unchanged at 4.25 percent to 4.5 percent.

The central bank’s decision was largely in line with expectations, and it has not cut interest rates since December.

The decision comes as policymakers weigh signs of a weakening economy. US retail sales numbers fell more than expected in its report from the US Department of Commerce yesterday. Last week’s jobless claims report from the US Department of Labour came in at its highest in eight months at 248,000.

However, the last jobs report showed the unemployment rate was steady at 4.2 percent, indicating the labour market, while slowing, remains fairly stable.

“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook has diminished but remains elevated,” the central bank said in a statement.

“Fed Chair Jerome Powell has little urgency to ease. But if any easing were to have occurred, it would have been hugely stimulative, and would have lowered US debt interest expense,” Michael Ashley Schulman, partner and chief investment officer at Running Point Capital Advisors, told Al Jazeera.

Policymakers are looking at the looming and consistently shifting changes to Trump’s tariff policies as well as the escalating tensions in the Middle East. While oil prices were on the decline before Israel’s attack last week on Iran and its retaliatory strikes, the concerns about a closure of the Strait of Hormuz as tensions escalate have fueled concerns that prices could go up in the coming weeks.

Trump criticises Powell

Before the rate announcement, Trump expressed disappointment in the central bank’s decision to hold rates steady in the past few months.

“Powell’s too late,” he said, referring to his desire for rate cuts. “I call him ‘too late Powell’ because he’s always too late. I mean, if you look at him, every time I did this I was right 100 percent, he was wrong,” Trump said.

He added that he “may have to force something” but it is not clear what Trump meant by that.

He also suggested that he should lead the central bank. “Maybe I should go to the Fed,” Trump said. “Am I allowed to appoint myself at the Fed? I’d do a much better job than these people.”

Powell’s term is set to expire next May, and Trump has recently walked back his rhetoric on firing the central bank head.

“What I’m going to do is, you know, he gets out in about nine months, he has to, he gets fortunately terminated … I would have never reappointed him, [former President Joe] Biden reappointed him. I don’t know why that is, but I guess maybe he was a Democrat … he’s done a poor job,” Trump said.

As a community and cultural center of Boyle Heights, Mariachi Plaza would be an obvious place for families to gather on Father’s Day.

But the normally bustling plaza was all but deserted when Mayor Karen Bass visited Sunday morning.

More than a week after President Trump’s immigration raids first instilled terror in Los Angeles communities, the federal sweeps have had a profound chilling effect in the overwhelmingly Latino, working-class neighborhood just east of downtown.

“Mariachi Plaza was completely empty. There was not a soul there,” Bass recalled a few hours later. “One restaurant, there were a handful of people. The other restaurant, there was literally nobody there.”

Bass visited a number of small businesses in Boyle Heights with Assemblymember Mark Gonzalez (D-Los Angeles), including Casa Fina, Distrito Catorce, Yeya’s and Birrieria De Don Boni, as well as the Estrada Courts public housing project, where Bass and Gonzalez both said residents were reluctant to come outside of their homes for a Father’s Day celebration.

“It’s the uncertainty that continues that has an absolute economic impact. But it is pretty profound to walk up and down the streets and to see the empty streets, it reminded me of COVID,” Bass told The Times on Sunday afternoon.

Bass said restaurant operators in Boyle Heights told her current circumstances were actually worse than what they had faced during COVID-19, because unlike during the pandemic, there had been no ensuing bump in to-go orders. She hypothesized that the issue was compounded by the fact that many people were not going in to work, meaning they didn’t have disposable income to eat out.

“They said people aren’t ordering, and people probably aren’t ordering because they’re not working,” Bass said.

Gonzalez said the proprietor of one of the restaurants they visited was crying.

“He said, ‘It’s so empty. I’ve never seen it like this, and I don’t know how we can survive this,’ ” Gonzalez recalled.

Asked about his message to Trump, Gonzalez spoke about the centrality of immigrants to California’s economy.

“For somebody who’s supposed to be business oriented, he sure is allowing local businesses to sink and have the effect that these raids are having,” Gonzalez said.

Entire sectors of the city’s economy cannot function without immigrant labor, Bass said, citing the Fashion District in downtown Los Angeles, where raids have instilled acute fears and muffled business.

Bass also said she worried about how the disquiet would affect rebuilding in the fire-ravaged Pacific Palisades, if a significant quotient of the immigrant-heavy construction workforce is scared to show up to job sites.

The mayor underscored similar points in a Sunday morning interview with CNN’s Dana Bash, describing the disruption and fear as “a body blow to our economy.”

In a post on X, she urged Angelenos to visit small businesses like those in Boyle Heights, writing, “Let’s show up, support them and send a message: LA stands with you.”

The aftereffects of the ensuing mass protests have also pummeled restaurants and bars in the downtown area, with widespread vandalism in the Civic Center and Little Tokyo areas.

The indefinite 8 p.m. to 6 a.m. curfew imposed on downtown Los Angeles has transformed the nightlife hub into a virtual ghost town after dark, walloping business at establishments that have already faced years of financial and operational setbacks in the wake of the pandemic and entertainment industry strikes.

However, the mayor said the downtown business community “made a strong appeal for the curfew,” given the disruption in the area.

WASHINGTON, June 12 (UPI) — Taiwan may be an island of just over 23 million people, but what happens there could ripple across the global economy. The small democratic nation produces the vast majority of the world’s most advanced semiconductors — chips that are used in everything from smartphones and electric cars to defense systems and spacecraft.

Taiwan Semiconductor Manufacturing Co. Ltd. “produces roughly 90% of the most sophisticated computer chips, and the loss of that would be devastating,” said Steven David, a professor of political science at Johns Hopkins University in Baltimore. “We can’t get around without it.”

For Taiwan, this manufacturing dominance isn’t just economic — it’s strategic. Analysts call it the island’s “silicon shield.” The world relies heavily on Taiwan’s chips, which deters China from launching a military attack and pushes allies like the United States to come to Taiwan’s defense.

The geopolitical stakes around Taiwan’s semiconductor dominance have soared as China escalates military pressure, through increased fighter jet incursions, large-scale naval drills and explicit threats of reunification.

U.S. lawmakers from both parties have increasingly voiced concern that a Chinese invasion could upend global chip supply chains and empower Beijing with outsized economic leverage.

“It [would be] monumentally stupid to try to keep something as fragile as chips production going during the time of war,” said Kitsch Liao, associate director of the Atlantic Council’s Global China Hub.

The United States has taken steps to address this vulnerability. In 2022, former President Joe Biden signed the CHIPS and Science Act, allocating $280 billion to support domestic semiconductor manufacturing and research, including subsidies for Taiwan Semiconductor to build a plant in Phoenix.

In March, President Donald Trump announced a new $100 billion deal with the company to dramatically expand its manufacturing presence in the United States.

“America is building plants with Taiwanese investment and cooperation in Arizona and elsewhere, but it would still be devastating,” David said, referring to the potential impact of a Chinese attack on chip production.

Taiwan’s government has had to carefully balance cooperation with the United States against growing fears at home that shifting too much chip production abroad could weaken its security.

Taiwan’s two main political parties, the Kuomintang, or KMT, and the Democratic Progressive Party, or DPP, have debated the best approach to cross-strait relations.

While the KMT supports closer ties with China, the DPP, which currently holds the presidency under Lai Ching-te, has leaned toward reinforcing Taiwan’s democratic independence and diversifying trade, actions that could increase already mounting pressure from China.

“If China does successfully invade Taiwan and takes over the TSMC plant, it won’t be able to use the plant the way Taiwan does,” David said. “But it would deny its use to others, and that would be devastating to the world economy. Several percentages of world GDP would drop as a result.”

Analysts worry that even the threat of invasion could destabilize markets. Blockades or gray zone tactics by Beijing, short of all-out war, could still limit Taiwan Semiconductors’ ability to export.

“Any erosion in Taiwan’s ability to trade with the rest of the world would have a significant impact on the global economy,” said Jack Burnham, a research analyst at the Washington-based Foundation for Defense of Democracies.

“It would disrupt the flow of semiconductors to a variety of different industries that are incredibly valuable to the United States, its allies and partners, and the global community.”

Taiwan has long been one of the most contentious issues in United States-China relations. After the Chinese Civil War, the Nationalist government fled to Taiwan in 1949, and the Chinese Communist Party established the People’s Republic of China on the mainland. Since then, Beijing has claimed Taiwan as an inalienable part of its territory.

In 1979, the United States. ended formal diplomatic recognition of Taipei in favor of Beijing, but passed the Taiwan Relations Act, which commits the United States to help Taiwan maintain a “sufficient self-defense capability.”

The United States, though, has remained deliberately vague about whether it would come to Taiwan’s defense in the event of a Chinese invasion — a policy known as strategic ambiguity.

But as threats of an invasion increased, this stance continued to be tested. In a speech in Singapore last month, Defense Secretary Pete Hegseth vowed that “devastating consequences” could result should China seek to “conquer” Taiwan, warning that an invasion could be “imminent.”

Beyond semiconductor and chips manufacturing, Taiwan remains a core interest in the Indo-Pacific region. The island sits at the heart of the “first island chain,” a line of U.S.-aligned territories stretching from Japan to the Philippines.

If China were to take over Taiwan, experts warned it could use the island as a launchpad to project power deep into the Pacific, posing a direct challenge to U.S. interests.

“Should China be successful [in a reunification scenario], it would have a significant impact on the lives of everyday Americans — both in their wallets and in the political situation they find themselves in,” Burnham said.

“What’s at stake when it comes to Taiwan is the free flow of trade, a significant part of the American economy, and the health and stability of the United States’ key allies and partners in the region.”

The World Bank has slashed its 2025 global growth forecast, citing trade tensions and policy uncertainty as the United States imposed wide-ranging tariffs that weigh on global economic forecasts.

On Tuesday, the bank lowered its projection for global gross domestic product (GDP) growth to 2.3 percent in its latest economic prospects report, down from the 2.7 percent that it expected in January. This is the most recent in a series of downgrades by international organisations.

In its twice-yearly Global Economic Prospects report, the bank lowered its forecasts for nearly 70 percent of all economies, including the US, China and Europe, as well as six emerging market regions, from the levels it projected just six months ago before US President Donald Trump took office.

“That’s the weakest performance in 17 years, outside of outright global recessions,” said World Bank Group chief economist Indermit Gill.

Global growth and inflation prospects for this year and next have worsened because of “high levels of policy uncertainty and this growing fragmentation of trade relations”, Gill added.

“Without a swift course correction, the harm to living standards could be deep,” he warned.

By 2027, the World Bank expects global GDP growth to average 2.5 percent in the 2020s, which would be the slowest rate in any decade since the 1960s.

The Trump effect 

The gloomier projections come as Trump imposed a 10 percent tariff on imports from almost all US trading partners in April as well as higher rates on imports of steel and aluminium. He had initially also announced radically higher rates on dozens of these economies, which he has since suspended until early July.

Trump’s on-again off-again tariff hikes have upended global trade, increased the effective US tariff rate from below 3 percent to the mid-teens, its highest level in almost a century, and triggered retaliation by China and other countries.

He also engaged in tit-for-tat escalation with China, although both countries have hit pause on their trade war and temporarily lowered these staggering duties as well. But a lasting truce remains uncertain.

While the World Bank’s growth downgrade was proportionately larger for advanced economies, the bank cautioned that less wealthy countries have tricky conditions to contend with.

Commodity prices are expected to remain suppressed in 2025 and 2026, Gill said.

This means that some 60 percent of emerging markets and developing economies – which are commodity exporters – have to deal with a “very nasty combination of lower commodity prices and more volatile commodity markets”.

GDP downturn 

By 2027, while the per capita GDP of high-income economies will be approximately where it was in pre-pandemic forecasts, corresponding levels for developing economies would be 6 percent lower.

“Except for China, it could take these economies about two decades to recoup the economic losses of the 2020s,” Gill cautioned.

Even as GDP growth expectations have been revised downwards, inflation rates have been revised up, he said, urging policymakers to contain inflation risks.

Despite trade policy challenges, however, Gill argued that “If the right policy actions are taken, this problem can be made to go away with limited long-term damage.”

He urged for the “differential in tariff and non-tariff measures with respect to the US” to be quickly reduced by other countries, starting with the Group of 20, which brings together the world’s biggest economies.

“Every country should extend the same treatment to other countries,” Gill stressed. “It’s not enough to just liberalise with respect to the US. It’s also important to liberalise with respect to the others.”

The World Bank said developing economies could lower tariffs on all trading partners and convert preferential trade deals into pacts spanning the “full range of cross-border regulatory policies” to boost GDP growth.

Generally, wealthier countries have lower tariffs than developing countries, which could be seeking to protect budding industries or have fewer sources of government revenue.

This month, the Paris-based Organisation for Economic Co-operation and Development also slashed its 2025 global growth forecast from 3.1 percent to 2.9 percent, warning that Trump’s tariffs would stifle the world economy.

This came after the International Monetary Fund in April too cut its world growth expectations for this year on the effects of Trump’s levies, from 3.3 percent to 2.8 percent.

Kremlin announcement comes as Wagner Group quits West African state of Mali.

Russia is working to enhance its economic and military ties in Africa, Moscow has outlined.

Kremlin spokesman Dmitry Peskov declared on Monday that Russia’s presence in Africa is “growing”. The move is part of an ongoing bid by Moscow to step into a geopolitical vacuum in West Africa as Western powers retreat amid a series of military coups in the region.

“We really intend to comprehensively develop our interaction with African countries, focusing primarily on economic and investment interaction,” Peskov told reporters.

“This also corresponds to and extends to such sensitive areas as defence and security,” he added.

Russia’s growing security role in parts of Africa, including in countries such as Mali, Central African Republic and Equatorial Guinea, is viewed with concern by the West, and has come at the expense of former colonial power France, whose forces have departed or been expelled from several West African countries over recent years, and the United States.

The Kremlin’s ambition appears undimmed by recent reports that Russian paramilitary group Wagner is leaving Mali after helping the military government fight armed groups.

The Africa Corps, a Kremlin-controlled paramilitary force, said it will remain in the West African country in Wagner’s place.

Mali, ruled by a military government that seized power in coups in 2020 and 2021, has never officially admitted Wagner’s presence, insisting only that it was working with Russian instructors.

During the same period, however, the government broke ties with France and pivoted towards Russia for political and military support.

The Africa Corps was created with support from the Russian Ministry of Defence after Wagner founder Yevgeny Prigozhin and commander Dmitry Utkin led a failed mutiny against the Russian army leadership in June 2023 and were killed two months later in a plane crash.

According to several Telegram chats used by Russian mercenaries seen by the Reuters news agency, about 70 to 80 percent of the Africa Corps is made up of former Wagner members.

Replacing Wagner with Africa Corps troops would likely shift Russia’s focus in Mali from fighting alongside the Malian army to training, said Ulf Laessing, head of the Sahel programme at the Konrad Adenauer Foundation.

“Africa Corps has a lighter footprint and focuses more on training, providing equipment and doing protection services. They fight less than the ‘Rambo-type’ Wagner mercenaries,” Laessing told The Associated Press news agency.

SANTIAGO, Chile, June 6 (UPI) — Argentina is showing signs of economic recovery, but growing unrest over austerity measures and cuts to healthcare, education and pensions continues to fuel tensions nationwide.

Retirees are among the groups most affected. On Wednesday, Argentina’s lower house of Congress approved a 7.2% pension increase, raised a monthly bonus to about $125 and reinstated a provision allowing people to retire without the required years of contributions.

But President Javier Milei has said he will veto the measure, arguing it threatens fiscal stability.

Retiree organizations, backed by labor unions, have held weekly protests outside Congress. These demonstrations have been met with police crackdowns under the government’s anti-protest protocol.

According to the National Social Security Administration, as of December, roughly 5.4 million retirees and pensioners receive less than $450 per month.

Even with bonuses and additional support, the minimum pension is around $600 — still below the estimated monthly cost of essential groceries for a family, which stands at $510.

Healthcare workers also have staged demonstrations against wage freezes and stagnant hospital budgets.

Garrahan Hospital, a national pediatric center that handles more than 600,000 consultations and 10,000 surgeries a year, led the recent protests.

The medical staff, technicians and administrative workers recently ended a weekslong strike after reporting a loss of up to 50% in purchasing power since December 2023. Resident doctors, who often work 60 to 70 hours a week, have been especially affected, with earnings now below the poverty line.

Public employees also have been impacted. Since taking office, the Milei administration has laid off about 43,000 government workers as part of a state downsizing plan.

The scientific community has also raised alarms over steep budget cuts. The National Scientific and Technical Research Council, Argentina’s top research institution, saw its budget fall by 20%. The National Atomic Energy Commission and the National Institute of Agricultural Technology reported cuts of 29% and 23.6%, respectively.

Public investment in education dropped by 43.8% in 2024, and public universities lost 25% of their inflation-adjusted budgets, triggering mass protests.

The government says many of the demands for more money are politically motivated, while official data shows concrete signs of economic progress.

Inflation in May hit its lowest level in five years, and private forecasts suggest it could fall below 2% monthly. That marks a sharp contrast with 2023, when annual inflation reached 211.4% — the highest in the world that year.

According to Argentina’s National Institute of Statistics and Censuses, or INDEC, the poverty rate fell to 38.1% from52.9% the first and second half of 2024. Extreme poverty dropped to 8.2% from 18%.

Still, experts warn that structural poverty persists. Eduardo Donza, a researcher with the Catholic University of Argentina’s Social Debt Observatory, estimates that about 25% of Argentines live in chronic poverty — particularly children and adolescents. More than 8 million children are believed to be living in poverty or extreme poverty.

As of December 2024, INDEC also reported an employment rate of 48.8%, with 6.4% unemployment and 11.3% underemployment.

The Organization for Economic Cooperation and Development projects that Argentina’s GDP will grow by 5.2% in 2025 and 4.3% in 2026, driven by rising private consumption, improved credit conditions and the lifting of capital controls.

The government has also highlighted recent achievements, including a $1 billion debt issuance and a renewed agreement with the International Monetary Fund.

Foreign trade has expanded, and a government campaign to encourage the return of dollars held outside the banking system has raised expectations for domestic investment.

Official estimates from INDEC indicate that by the end of 2024, Argentines held roughly $271 billion outside the local financial system. This figure includes cash kept at home, in safety deposit boxes and foreign bank accounts and other unregistered assets.

That amount is equivalent to about 45% of Argentina’s gross domestic product and far exceeds the Central Bank’s gross reserves, currently around $38 billion.

Looking ahead, the Milei administration faces growing demands to improve pensions, re-engage with the scientific and academic communities, and address budget requests from provincial governors — key players in advancing the government’s legislative agenda.

Meanwhile, Congress continues to move forward with privatization and deregulation plans, except for Aerolíneas Argentinas and Banco de la Nación, which were left out of the package.

With legislative elections set for October, the Milei administration is aiming to cement its economic gains while responding to urgent demands from sectors most affected by the cuts.

ASEAN nations have been closely observing the trajectory of US-China relations and have expressed their apprehensions vis-à-vis the uncertainty arising out of Trump tariffs. Leaders of Singapore and Malaysia have been particularly vocal in expressing their apprehensions.

While speaking at the opening of the 46th ASEAN Summit held at Kuala Lumpur, the Malaysian PM, Anwar Ibrahim, referred to the imposition of tariffs by US President Donald Trump. Said the Malaysian PM:

‘Indeed, a transition in the geopolitical order is underway, and the global trading system is under further strain with the recent imposition of US unilateral tariffs,’

How ASEAN countries have benefited from the China+1 strategy

Here it would be pertinent to point out that ASEAN nations have also benefitted from the China+1 strategy of Western companies. Through this strategy, Western companies have been keen to reduce their dependence upon China and have been shifting to several ASEAN countries. Companies have moved from China not just to Vietnam but to other ASEAN nations like Indonesia and Malaysia as well.

Impact of China-US thaw on ASEAN

While many would have thought that ASEAN countries would heave a sigh of relief after the China-US agreement signed in Geneva, via which the US reduced tariffs against China from 145 percent to 30 percent. There has been a mixed reaction to the same, given the possibility of companies redrawing their China+1 plans.

Malaysia’s interest in BRICS+

Another important impact of Trump’s policies has been ASEAN countries seeking entry into multilateral organizations. Indonesia entered BRICS as a member in January 2025.

Malaysia, which entered BRICS as a partner country in October 2024, has also applied for full membership. Two other ASEAN countries, Vietnam and Thailand, also entered BRICS.

Malaysian Foreign Minister Mohamad Hasan, while commenting on the ASEAN nation’s interest in joining BRICS:

‘Malaysia’s desire to join BRICS represents its effort to uphold policies and identity as an independent and neutral country, striking a balance with great powers and opening up new business and investment opportunities,’

Malaysia shares close economic ties with China as well as the US and the EU. Malaysia’s bilateral trade with China in 2024 exceeded $200 billion ($212.04 billion). The ASEAN nation’s trade with the US was estimated at $80.2 billion in 2024.

The Malaysian PM, Anwar Ibrahim, had earlier proposed an ‘Asian Monetary Fund’ as an alternative to the International Monetary Fund (IMF). In recent years, Malaysia has been pushing for “de-dollarization,” or trade in non-dollar currencies, with several countries.

Anwar Ibrahim’s Russia visit and discussion of BRICS+

Apart from several other bilateral issues, the role of Malaysia in BRICS+ was also discussed during the recent meeting between Malaysian PM Anwar Ibrahim and Russian President Vladimir Putin during the former’s Russia visit. The Malaysian PM thanked Putin for his role in facilitating Malaysia’s entry into BRICS+. The Russian president, on his part, welcomed the entry of Malaysia and other ASEAN nations as partner countries into BRICS+ during Russia’s chairmanship of BRICS+ in 2024.

During the meeting of Australian PM Anthony Albanese and Indonesian President Prabowo Subianto during the former’s Indonesia visit, one of the issues that was discussed was Indonesia’s entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and OECD. The CPTPP—earlier the Trans-Pacific Partnership (TPP)—was initially conceived by former US President Barack Obama. During US President Donald Trump’s earlier presidency, the US had pulled out of TPP. While the organization did face a setback after the US exit from the CPTPP — members like Japan and Australia, which are wary of China’s growing clout in the Indo-Pacific, have been playing a key role in giving a push to economic linkages. Two other ASEAN countries—Malaysia and Vietnam—are already members of the CPTPP.

The Indonesian president thanked Australia for its support for Indonesian into the CPTPP.

The Australian PM, while commenting on his support for Indonesia’s entry into CPTPP:

‘I assure you, Mr. President, of Australia’s support for your joining the OECD as well as your accession to the CPTPP.’

The Australian PM also reiterated Indonesia’s strategic importance in the context of the Indo-Pacific.

Indonesia’s important role on the global stage

Indonesia has robust ties with both China and the US and seeks to use multilateral platforms for further enhancing its clout, as several middle powers have done in recent years. Indonesia has sought to present itself as an important voice of the Global South and as an important link between the G7 and G20.

ASEAN-China-GCC

On the sidelines of the ASEAN Summit, the first ASEAN-China-GCC Summit was held for the first time. The Malaysian PM dubbed this as extraordinary. Anwar Ibrahim also said:

‘I am confident that ASEAN, the GCC, and China can draw upon our unique attributes and shape a future that is more connected, more resilient, and more prosperous.’

Conclusion

In conclusion, the interest of countries like Malaysia and Indonesia in entering multilateral organizations is driven by the changing geopolitical situation in ASEAN and beyond. These nations need to be deft and nimble and can not afford to have a zero-sum approach towards the same. The recent ASEAN Summit is a strong illustration of how ASEAN member states are seeking to diversify their relationships by seeking entry into important multilateral blocs. Apart from this, one point that is evident from the recent ASEAN summit was that ASEAN as a grouping is also seeking to strengthen ties with groups like the GCC.

Jordan Thomas didn’t want to just research and write about fire, he wanted to see it up close, and he has turned that experience into the exceptional new book, “When It All Burns.” A specialist in the cultural forces that shape fire, Thomas joined the Los Padres Hotshots, a crew that might be viewed as the Navy SEALs of firefighting. He spent 2021 battling wildfires extreme and treacherous even by the standards of these globally warmed times.

A first-person account would be compelling enough, especially given Thomas’ gift for terse, layered expository writing. But Thomas has more on his mind here. He alternates sequences of harrowing action and macho team-building with deep dives into the ecology, science, economics and, most important, Indigenous cultural practices related to fire. In Thomas’ hands these subjects are interconnected, and his writing brings new heat to an ubiquitous subject.

If you live anywhere near Los Angeles, you may very well prefer not to read “When It All Burns.” But you should. Just this last January, a series of wildfires ravaged the region, fed by gusting Santa Ana winds, drought conditions and low humidity. Projected damage from the fires had ballooned to more than $250 billion in damages in January, The Times reported. At least 30 people were killed in the fires, with economic ramifications expected to stretch into the unforeseeable future. “When It All Burns” was written well before any of this happened, and it sometimes carries the force of prophecy. The fire next time has already burned, though there will surely be more.

Thomas sets the table early on: “In the past two decades, wildfires have been doing things not even computer models can predict, environmental events that have scientists racking their brains for appropriately Dystopian technology: firenados, gigafires, megafires. Scientists recently invented the term ‘megafire’ to describe wildfires that behave in ways that would have been impossible just a generation ago, burning through winter, exploding in the night, and devastating landscapes historically impervious to incendiary destruction.”

In other words, it’s only going to get worse. As a member of the Hotshots crew, Thomas hacked away at undergrowth with a chainsaw as the firefighters made their advance, and he found himself fascinated by the subculture of people, mostly men, assigned to combat these otherworldly infernos. But the education and knowledge he carries also makes him deeply ambivalent about the very nature of fire suppression.

Author Jordan Thomas.

(Sari Blum)

For centuries, Indigenous peoples the world over have used controlled fires, or “cultural burning,” for any number of purposes, from agriculture to reducing the risk of uncontrolled fires. But such practices didn’t jibe with increasingly modern economies, and colonialists, especially in North America, saw burning as both barbaric and a threat to industrialized capitalism. Fire surpression was more than a byproduct of Native American genocide, it was part of the master plan: “In California, fire had always connected people to their food, and Americans set about its suppression with unprecedented brutality.” Researchers who tried to bring this history to light often had their work suppressed like one more controlled fire. And as the practice declined, wildfires entered the breach.

As you might expect, life as a Hotshot is fraught with medical risk: Hotshots tend to work sick and injured, loathe to pass up the overtime and hazard pay on which they depend. As Thomas writes, “The precarious lives of Hotshots are one flashpoint in an expanding field of self-reinforcing social and environmental crises. Scientists call this a sacrifice zone — a place where low-income people shoulder the burden of industrial misconduct.”

Every time “When It All Burns” threatens to get dry, like a combustible piece of brush, Thomas brings it back to his own firefighting travails, and the cast of Hotshot characters who showed him the ropes, berated him and bailed him out.

The two Los Padres leaders are Edgar, a stern drill sergeant-type who rides everyone with equal venom, and Aoki, just as demanding but with more of a shaman-warrior demeanor. Aoki conducts Thomas’ job interview as the two men hike a steep hill; Thomas eventually has to decide between asking questions, which takes up oxygen, or concentrating on the task at hand.

“At a certain level of physical suffering, the pain becomes almost comedic,” he notes, as he assesses his condition before hiking a mountain to carry an injured firefighter back downhill. “My feet were torn and oozing within my elk leather boots, and every inch of my skin was a rash of poison oak. Hours before I had been incapacitated by muscle cramps.” And moments later: “The only antidote to the discomfort was to return to the level of exhaustion where the body becomes numb.”

“When It All Burns” is one of those books that immerses the reader in the nuances of a world most of us know only through the lens of tragedy and destruction. Thomas’ visceral, crystalline prose only adds fuel to the fire.

Vognar is a freelance culture writer.

The group said it would call for analysis on international supply chain resilience.

Finance ministers and central bank governors from the Group of Seven (G7) democracies have pledged to address “excessive imbalances” in the global economy and said they could increase sanctions on Russia.

The G7 announced the plan on Thursday as the officials, who met in the Canadian Rocky Mountains, said there was a need for a common understanding of how “non-market policies and practices” undermine international economic security.

The document did not name China, but references by the United States and other G7 economies to non-market policies and practices often are targeted at China’s state subsidies and export-driven economic model.

The final communique called for an analysis of market concentration and international supply chain resilience.

“We agree on the importance of a level playing field and taking a broadly coordinated approach to address the harm caused by those who do not abide by the same rules and lack transparency,” it said.

Lowering Russian oil price cap

European Commission Executive Vice President Valdis Dombrovskis said the G7 ministers discussed proposals for further sanctions on Russia to try to end its war in Ukraine. They included lowering the G7-led $60-per-barrel price cap on Russian oil, given that Russian crude is now selling under that level, he said.

The G7 participants condemned what they called Russia’s “continued brutal war” against Ukraine and said that if efforts to achieve a ceasefire failed, they would explore all possible options, including “further ramping up sanctions”.

Russia’s sovereign assets in G7 jurisdictions would remain immobilised until Moscow ended the war and paid for the damage it has caused to Ukraine, the communique said. It did not mention a price cap.

Brent crude currently trades at around $64 per barrel.

A European official said the US is “not convinced” about lowering the Russian oil price cap.

Earlier this week, the US Treasury said Secretary Scott Bessent intended to press G7 allies to focus on rebalancing the global economy to protect workers and companies from China’s “unfair practices”.

The communique also recognised an increase in low-value international “de minimis” package shipments that can overwhelm customs and tax collection systems and be used for smuggling drugs and other illicit goods.

The duty-free de minimis exemption for packages valued below $800 has been exploited by Chinese e-commerce companies including Shein and Temu.

DEVELOPING STORYDEVELOPING STORY,

Sanctions were levied during the rule of Bashar al-Assad, who was toppled in December.

European Union countries have given a green light to lifting all economic sanctions on Syria in a bid to help the war-torn country recover after the ouster of Bashar al-Assad, according to diplomats speaking to news agencies.

Ambassadors from the EU’s 27 member states struck a preliminary agreement for the move, which should be formally unveiled by foreign ministers meeting in Brussels later on Tuesday, diplomats said, noting that the final decision is up to ministers.

This follows an announcement by the United States last week that it is lifting sanctions on Damascus.

Reporting from the EU headquarters, Al Jazeera’s Hashem Ahelbarra described the reported agreement to lift the sanctions as a “really significant” development.

“It’s first of all an acknowledgement that the EU recognises the authority which is operating now in Syria, and that there need to be more financial transactions to pave the way for the creation of financial stability and improve the living standards of the people in Syria,” he said.

Sanctions were levied during the rule of al-Assad in 2012 and 2013 and concern the transport, energy and the banking sectors, Ahelbarra said.

The country’s new leadership has urged the West to ease the restrictions to help Syria recover from years of despotic rule and civil war.

EU diplomats told AFP the agreement should see sanctions cutting Syrian banks off from the global system and freezing central bank assets lifted.

But diplomats said the bloc was intending to impose new individual sanctions on those responsible for stirring ethnic tensions, following deadly attacks targeting the Alawite minority.

Other measures targeting the al-Assad regime and prohibiting the sale of weapons or equipment that could be used to repress civilians were set to remain in place.

The latest move from the EU comes after its first step in February, suspending some sanctions on key Syrian economic sectors.

Officials said those measures could be reimposed if Syria’s new leaders break promises to respect the rights of minorities and move towards democracy.

This is a developing story, more to come…

In Syria, optimism abounds. The unexpected decision by United States President Donald Trump to lift sanctions on the country, announced in Riyadh on Tuesday, is a relief for Syrians. They hope that the move will reintegrate Syria into the global economy, and bring much-needed investment into a country trying to recover from more than 50 years of dynastic family rule, as well as a nearly 14-year-long war.

The impact of Trump’s statement, which he said would give Syria “a chance at greatness” after the December overthrow of Bashar al-Assad, had an almost immediate effect, as the Syrian pound strengthened against the US dollar by about 25 percent, in a boost to a country suffering through economic hardship.

“Lifting sanctions on Syria represents a fundamental turning point,” Ibrahim Nafi Qushji, an economist and banking expert, told Al Jazeera. “The Syrian economy will transition from interacting with developing economies to integrating with more developed ones, potentially significantly reshaping trade and investment relations.”

Complex sanctions

While the announcement will likely lead to some imminent progress, there are still some stumbling blocks to the sanctions removal, analysts and experts told Al Jazeera.

US sanctions on Syria date back to 1979, when the country was under the iron grip of President Hafez al-Assad – Bashar’s father – and designated a “state sponsor of terrorism”. In the intervening years, additional sanctions were placed on the state and individuals associated with both the regime and the opposition, including current President Ahmed al-Sharaa – a result of his former association with al-Qaeda.

“There’s an entire building of a complex gamut of sanctions,” Vittorio Maresca di Serracapriola, sanctions lead analyst for Karam Shaar Advisory Limited, a consulting company with a focus on the political economy of the Middle East, told Al Jazeera.

Analysts said that Trump could remove certain sanctions through executive order, while some “foreign terrorist organisation” (FTO) designations could be removed by US Secretary of State Marco Rubio. But other sanctions may be more complicated to end.

According to Maresca di Serracapriola, there are also a series of export controls, executive orders that target the banking sector, and acts that were passed by the US Congress.

“It is a huge moment for the country,” Maresca di Serracapriola said. “Of course, sanctions are very technical and complicated tools, so it’s still unclear how the US government will be able to implement what it promised.”

There are also questions about the timeline. The economic situation for many Syrians is dire, with 90 percent of the population living in poverty and approximately 25 percent jobless, according to the United Nations. The new Syrian authority is under extreme economic pressure, while at times struggling to exert its authority and provide security around the country.

Trump’s decision will come as a welcome reprieve, but Syrians may have to wait for sanctions relief to take effect. Analysts said the changes would come gradually and could take up to a year before “tangible results” are seen.

Sanctions relief alone will also not be enough. Analysts noted that Syria still needs banking reforms to comply and get off international monitoring lists. There will also need to be incentives from the US and other international actors to build trust among private investors looking to invest in Syria’s future.

“Achieving long-term growth requires implementing internal economic reforms, including improving the business environment, enhancing financial transparency, and developing productive sectors to ensure the Syrian economy effectively benefits from global opportunities,” Qushji said. “Lifting economic sanctions on Syria is a first step toward restructuring the economy, but it requires reform policies focused on sustainable development and global economic integration to ensure a real and productive recovery.”

Trump meets al-Sharaa

For months, everyone from Syria’s new leadership, analysts, and international actors has said there is a dire need for sanctions relief. But the US has previously taken an inflexible stance against al-Sharaa’s government, due to perceived ties to violence and armed groups.

Regional powers like Saudi Arabia, Qatar and Turkiye, however, have built strong relations with the new government in Damascus. Before Trump’s pronouncement on Tuesday, multiple analysts told Al Jazeera they did not expect Syria’s sanctions relief to be high up on the agenda for the US or the Gulf states Trump visited during his three-country tour.

The US has taken a cautious, and at times conflicting, approach to Syria’s new authority since the fall of the Assad regime on December 8.

On March 9, US Secretary of State Marco Rubio condemned Syria’s new government for their failure to prevent sectarian violence and massacres in the country’s coastal region. But then, three days later, Rubio praised the agreement between the Kurdish-led Syrian Democratic Forces (SDF) and the Syrian central government in Damascus that ostensibly would see the SDF integrate into state institutions.

Previously, the US provided Syria a list of demands that included destroying the remaining chemical weapons, cooperation on “counterterrorism”, and the removal of foreign fighters from senior roles in the new government or military. There have also been suggestions that Syria might throw in a Trump Tower deal in Damascus and that Trump wanted ties between Syria and Israel before any sanctions relief.

But by Tuesday evening, everything had changed. Trump announced he would remove sanctions on Syria without conditions.

“The key emphasis here is it’s a Saudi-US deal rather than something between the US and Syria,” Rob Geist Pinfold, a lecturer in defence studies at King’s College in London.

Then, on Wednesday morning, Trump and al-Sharaa met for a little more than half an hour in the presence of Saudi Arabia’s Crown Prince Mohammed bin Salman and with Turkiye’s President Recep Tayyip Erdogan phoning in. The meeting appeared to please Trump.

Speaking to reporters on Air Force One on his way to Doha, Trump called al-Sharaa a “young, attractive guy. Tough guy. Strong past. Very strong past. Fighter.”

After the talks, the White House released a list of issues Trump discussed with al-Sharaa. They included some of the US’s prior demands on Syria, such as dealing with foreign fighters and “counterterrorism” cooperation. But Trump also brought up Syria recognising Israel, as well as taking over ISIL detention centres in northern Syria.

“These don’t appear to be preconditions, but they could slowroll the lifting [of sanctions],” Natasha Hall, a senior fellow with the Middle East Program at the Center for Strategic and International Studies, told Al Jazeera.

Authors: Andi Mohammad Ilham and Andi Mohammad Johan*

In the midst of global trade confusion, especially following Trump’s machinery tariff back to the global stage, Asian countries have been compelled to reassess their positions, even in the post-tariff war era. Although Trump’s tariff list prominently targeted both well-established and emerging Asian economies, they still chose to not retaliate against Trump’s tariff, in particular ASEAN. Moreover, Asian emerging economies are fundamentally aware and strategically minded amidst the era of economic security and geopolitical shifts. Therefore, many economists believe that rebalancing growth, meaning growth away from exports to strengthening domestic and regional demand with diversification, is a key for Asia’s bargaining power in the global trade regime.

According to the McKinsey Global Institute data, from 2015 to 2021, the Asian region reached its shared number for 57% of global GDP growth. Additionally, this evidence demonstrates that Asian countries host 49 of the world’s 80 largest trade routes. Facing this reality, Asia will be joining “the world’s new majority” through five pillars. It consists of capitalization, resources & energy, demographic composition, technology forces, and world order. In other words, Asia’s power penetration, in these metrics, makes a potential synergy and energy between them to endure in the age of economic security. One spectacular finding in this report, conducted in collaboration with the Asia Business Council, reveals that nearly 80 percent of surveyed Asian business leaders expressed optimism about the new era while still emphasizing a need for profound transformation.

In terms of regional transformation, the Asian region must pay close attention, beyond investment and trade, but equally vital for rebalancing growth, to the collaboration for fiscal and tax policy. As noted in the IMF Asia-Pacific Department’s commentary, recently after the emergence of tariff war 2.0, Asia is one of the regions facing the highest US tariffs. Simultaneously, the IMF’s Asia-Pacific Department also voices the importance of a balancing act for policies, especially for fiscal and tax policy. Given this situation, Asia is essential to not only strengthen tax reform at home for all emerging markets and developing countries but also undertake the consolidation of credible strategies in long-term fiscal and tax sustainability cooperation. 

In recent years, the politics of global tax governance has culminated in the geo-economic consideration due to the implementation of two pillars of the OECD-led multilateral tax regime and the emerging initiative of the UN-led multilateral tax regime. Indeed, both frameworks have already introduced a necessary agenda for regional tax governance, but the latter grants a bold political decision to regions in contemporary global tax governance. Unfortunately, Asia’s position on the contemporary politics of global tax governance is widely different depending on each country’s geo-economic interest. This diversity is not a new analytical observation, as the foundation of Asia’s economic development has long centered on complementary comparative advantages.

In line with this development, the rationale for regional collaboration is not novel, as it has long been a theme in Asia’s international political economy discourse. However, regional collaboration in tax, which is markedly different from other incentives for regional cooperation, is crucial as the dynamics of global tax governance now touch upon intensified regional political coordination.

Based on functional characteristics, there are only two distinctions, which are tax policy and tax collection. One finding highlights three key prospects for why regional tax governance is needed, including concerning tax capacity building or technical assistance, regional political coordination, and regional engagement with international institutions. From the function of tax capacity building, it is about promoting regional cooperation concerning national tax administration and ensuring its technical assistance maintains productive relationships among members in the region. Meanwhile, both political coordination and regional engagement with global institutions relate more to the spheres of tax policy. 

Furthermore, the EU is frequently referenced as a well-established model of regional tax governance, through its EU Tax Policy. But, on the global stage, the EU still remains as a rule-taker because the position for rule-makers is handed over to the OECD. In contrast, the ATAF, African Tax Administration Forum, has progressively positioned itself as a rule-shaper due to its influential role not only in regional but also in global tax order. Subsequently, the emergence of the UN Tax Framework Convention further justified its position as a rule-shaper in contemporary global tax governance. 

Responding to these dynamics, Asia—as home to major economic powerhouses—must conceptualize its strategic position in the area of regional tax governance. Indeed, in 2021, the Asian Development Bank launched ADB’s initiative for regional tax governance, the Asia Pacific Tax Hub. Using a regional development bank model, this platform was expected to stimulate reflection debates to consolidate Asia’s economic strength in global tax governance. Despite the presence of the regional development bank model, the room for regional tax governance in Asia remains largely untapped and must be strategically leveraged by all Asian stakeholders. 

In essence, this finding also indicated that Asia’s corridor in regional tax governance still leaves room for development. Aligned with the broader objectives for Asia’s sustainable growth in the age of economic security and global trade uncertainty, it is imperative to ensure Asia’s regional tax governance framework appropriately fits in with the region’s expanding economic influence.

*Andi Mohammad Johan holds a Master’s in Fiscal Administrative Science at the University of Indonesia. He is a Partner at MMStax Consulting, Indonesia. He is also a member of the Indonesian Tax Consultants Association (ITCA).

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Financial markets are volatile with consumer confidence at its lowest level in five years – as economists point to a higher risk of recession.

It all adds up to financial uncertainty for a lot of people. Roughly half of US adults say that President Trump’s trade policies will increase prices “a lot,” according to a recent poll by The Associated Press-NORC Center for Public Affairs Research.

About half of Americans are “extremely” or “very” concerned about the possibility of the US economy going into a recession in the next few months.

Matt Watson, CEO of Origin, a financial planning app, says it’s a period of uncertainty for everyone, including experts.

“No one has a crystal ball. No one, even the people that do this professionally and have done it very successfully for many years, know what’s going to happen,” he said.

If you’re worried about how economic uncertainty might affect you, here are some expert recommendations:

Take stock of your finances

The first step to preparing for uncertain financial times is knowing your starting point, Watson said. Look at your budget or your debit card expenses so you can understand how much you spend every month.

“Take stock of where you are across a number of different categories,” Watson said.

Looking at the state of your savings and investments can also provide you with an idea of your overall financial health.

Find where you can cut back

The more nonessential expenses you can pause, the more you can save for an emergency.

“Your choice is really to cut now or cut later, so it’s easier to cut now and have a cushion,” Watson said.

If you’re having difficulty finding where to cut back, Jim Weil, managing partner at Private Vista, a financial planning firm, recommends that you divide your expenses into three buckets: needs, wants and wishes. Wishes are larger expenses that can be postponed, such as a big vacation.

For the time being, cut back expenses from the wishes section until you feel like your finances are in a good place.

Take care of your mental health

Between news about tariffs and job losses, you might feel your anxiety rising. So, it’s important that you protect your mental health while also caring about your finances said Courtney Alev, consumer advocate at Credit Karma. Sometimes, reading too much news that can affect your finances can become overbearing and create more stress than you need.

“It’s good practice to stay informed but you don’t want to let the news cycle consume you,” Alev said.

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If you find yourself feeling high levels of stress or anxiety when it comes to your finances, it’s best to contact a professional who can assist you, such as a financial therapist.

If looking for regular mental health services, most health insurance covers some type of mental health assistance. If you don’t have health insurance, you can look for sliding-scale therapists around the country.

Focus on what you can control

Rather than worrying too much about the economics of the entire country, Alev recommends that you focus on the aspects of your personal life that you can control in order to feel more confident in case there is a recession.

“Identify any changes that you might need to make to have more of a safety net in place that could give you confidence,” Alev said.

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Things you can control include budgeting, creating an emergency fund and cutting unnecessary expenses.

Create an emergency fund

Whether you are worried about your job security or the high prices of goods, it’s best that you sit down and reassess your budget to create an emergency fund. An emergency fund can feel unattainable if finances are already difficult, but having even a small amount of cash saved can make the difference, Alev said.

Ideally, your emergency fund should amount to three to six months of expenses.

Weil recommends you start thinking about any special commitments that you might have in the next year or two, such as college tuition or moving. If you are planning for a large financial commitment in the near future, Weil recommends that you plan to build a larger emergency fund.

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Do monthly finance check-ins

Alev recommends regularly adjusting your budget to keep your financial goals on track. Monthly budget check-ins can help identify when you are overspending or if your needs change.

“A budget is only as good as it is to help you actually make decisions, so don’t be afraid to update and adapt your budget as the months go by,” Alev said.

Choose which type of debt to tackle first

Many people struggle with debt, whether it’s credit card debt or student loan debt, which limits their ability to save. But, if you want to create an emergency fund while also tackling your debt, it will take some prioritisation.

“I would think about different kinds of debt differently,” Weil said, adding that you can place debt in three buckets: short-, medium- and long-term debt.

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Weil recommends that you prioritise paying off high-interest debt such as your credit card. By making extra payments or paying over the minimum payment, you will be able to pay it off quicker. Student loan debt and long-term debt such as a mortgage can be tackled with more modest payments while you focus on creating an emergency fund.

If you have credit card debt and you can’t make too much progress in paying it down, Alev recommends you try to eliminate or reduce the amount of credit you use.

Don’t panic about your investments

While the stock market has had some bad days, it’s best that you are not reactive to the market. If you have investments, especially in retirement vehicles, it’s best not to make rushed decisions, Alev said.

“You really want to try not to panic. It can be unnerving but most likely, you should have time to make that up,” she added. If you’re closer to retirement, Alev recommends that you look into more conservative investments.

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