2022 Year in Review

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The first hit came from the Global Financial Crisis. As prices ballooned, Lebanon’s debtskyrocketed. Then came the war in Syria in 2011. Despite productive GDP growth inprevious years, it fell to less than 1% in the year following the war. Since 2014, growth hasstagnated to below 2% annually. At the same time, the war produced an enormous refugeecrisis. The UN and World Bank estimated that 35% of Lebanon’s population in 2014 wererefugees fleeing from Syria. For a nation with already high debt and slowing growth, thisplaced immense strain on the financial system.In 2019 the currency collapsed, and the crisis officially began. Currency hoarding, capitalflight, and bank runs fuelled hyperinflation and exacerbated the issue. Things went frombad to worse. In 2020, COVID arrived. Prices increased even more while incomes fell. Manycould not afford medical supplies while those on ventilators feared power outages. Thesame year, the Beirut Port exploded, destroying the majority of the nation’s grain reserves.They became heavily reliant on wheat imports from Ukraine. Of course, Ukraine is nowembroiled in war with Russia.Nonetheless, it was a problem that could have been avoided. The key reason Lebanonallowed the piling of debt and the long-term pegging of the currency was because it suited ahighly corrupt system. Many of those in government awarded valuable contracts tocompanies they often owned themselves. The low tax rates and currency also allowed themto import and invest their profits overseas. All the while, the middle class was paying for asystem that did not serve them.I S I T T O O L A T E F O R L E B A N O N ?Time is truly ticking for Lebanon. Both the IMF and World Bank have asserted that theywill support Lebanon in its recovery and provide significant financial aid. However, thisis only on the condition that the nation conducts a complete audit of its financial andbanking sector, reforms the electricity sector, decreases public spending, improves taxcollection and floats the currency. It is no surprise however that parliament has notpassed any law dealing with the given recommendations. To do so would requirerespective sections to relinquish power and their ability to finance their own projects.This is compounded by the very structure of the government. With such a dividedreligious parliament, it is difficult to get anything through.Their dysfunction runs so deep that aid already provided by the World Bank in January2021 is yet to be distributed. The citizens of Lebanon and the wider world no longerhave any trust in the government or the financial system. Hopefully, the reforms can beestablished before the already dire situation gets worse.P A G E 1 4 4
IRAQ'S POLITICALDORMANCYSameera PillaiFor over a year, Iraq had been in a state of political limbo. In October 2022, theMiddle Eastern country broke its year-long political deadlock after the nation’slegislators finally voted for a new president.Abdul Latif Rashid, a Shiite politician, won the election earlier this year,effectively ending the year-long impasse. This political deadlock had beenregarded as the longest government formation process in Iraq.P A G E 1 4 5PHOTO: MEI
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Y E A R I N R E V I E WI S S U E N
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While the events of 2022 are testin
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1CONTENTSTHE END OF PUTIN? EXPLORIN
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8 4LEGALISATION OF MARIJUANA IN THA
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P H O T O B Y E V O N U N S P L A S
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Russia's second invasion into Ukrai
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For the Russians, this is an existe
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P H O T O : K L A U S W R I G H T /
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P H O T O : J O S H C H R I S T E N
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A 2003 report from the Guttmacher I
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P A G E 1 2Calvin Lu and Patrick He
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Common ProsperityThe concept of ‘
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Wang HuningWang Huning’s promotio
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P A G E 1 8P H O T O : M A R K U S
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Korea are women — one of thehighe
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P A G E 2 3P H O T O : T E D D Y O
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shied away from angering China by s
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P A G E 2 7
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ABE’S FAMILY INFLUENCETwo synonym
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P H O T O : K Y O D A / A P I M A G
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YDS TeamP A G E 3 3
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led calls for an investigation into
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B O O K R E V I E WT I D E S T H A
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W H A T I S T H E F I R S TN A T I
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HOW DID THE VOICE COME ABOUT?The Vo
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With the victory of the Australian
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P A G E 4 6P H O T O : I R E N E S
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Russia’s illegal invasion of Ukra
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"FOR BISHKEK AND TASHKENT,THE CKU E
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The CKU’s touted benefits have be
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Lacking the capacity to self-financ
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T H E R E N E W E DD I P L O M A T
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Azerbaijan, which received substant
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SRI LANKA'SECONOMICCRISISP H O T O
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China’s investment in Sri Lanka d
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P A G E 6 4P H O T O : Z A C H A R
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BALI G20 EASES WORLDTENSIONS AS IND
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But the unanimous condemnation of t
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MYANMAR IN2022P H O T O : G A Y A T
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SANCTIONS AND CHINA IMPLICATIONSThe
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AUSTRALIA'S RESPONSEAs mentioned by
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P H O T O : P A N G X I N G L E I /
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2Secondly,some of the areas through
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should make an effort to effectivel
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BBM continuously reframed historica
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Neha DaymaCannabis sativa, usually
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The reasons behind legalisation can
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Bella Baker and Shantelle O'Riordan
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INFRASTRUCTURE BILL - THEINFRUSTRUC
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BIDEN'S SHORTCOMINGSSOARING INFLATI
Page 102 and 103: P H O T O B Y A N N W A N G / R E U
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Page 106 and 107: Britain; a move that is not expecte
Page 108 and 109: P A G E 1 0 0Shajara KhanP H O T O
Page 110 and 111: and Quebec were officially proclaim
Page 112 and 113: THE PATH FORWARDAs it stands, recon
Page 114 and 115: Samuel NgLeaping from crisis to cri
Page 116 and 117: Former US President Donald Trumpand
Page 118 and 119: SUNAK'S HMSBRITANNIA INTOOBLIVIONTh
Page 120 and 121: T H E N U C L E A RR E N A I S S A
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Page 124 and 125: Diane Maria LangelohGERMANY'S INTER
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Page 128 and 129: Evangelia WichmannP A G E 1 2 0P H
Page 130 and 131: FIRES IN THE AMAZONThis blatant ign
Page 132 and 133: These indigenous remains, belonging
Page 134 and 135: The Enduring Influence of Peronism:
Page 136 and 137: and political sovereignty. Since th
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Page 140 and 141: IIngrid Escamilla, a 25-year-old, w
Page 142 and 143: Any legal recognition of femicide i
Page 144 and 145: OUT WITH THE OLD, IN WITH THENEW: A
Page 146 and 147: However, an LNG supply deal struck
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Page 158 and 159: A C O N T R O V E R S I A L R I G H
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Page 162 and 163: WOMEN'S RIGHTSAlthough child marria
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Page 166 and 167: Let us take a look at the Ethiopian
Page 168 and 169: History plays a vital role in a cou
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Page 172 and 173: In 2015, Chinese leader Xi Jinping
Page 174 and 175: In Tanzania and Kenya, StarTimes ha
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Page 178 and 179: The role of the US and the EU in pr
Page 180 and 181: Isha DesaiP A G E 1 7 2PHOTO: BADA
Page 182 and 183: SUDANPHOTO: THE INDEPENDENTDemocrac
Page 184: STABILITY IN THE REGIONThe union’
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2022 Year in Review

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