BRI Economic Corridors: Implications for Future Economic Development in Global Recession
DOI:
https://doi.org/10.58932/MULG0012Keywords:
China, BRI, Economic Corridors, Sustainable Development, Global RecessionAbstract
This article explores the implications of the Belt and Road Initiative (BRI) Economic Corridors for future economic development, especially in the context of the current global recession. The BRI, launched by China in 2013, aims to connect Asia, Europe, and Africa through a network of infrastructure projects, including the development of economic corridors. These corridors are expected to boost trade, investment, and economic growth in the participating countries. The article provides an overview of the BRI and its economic corridors and discusses the potential benefits and challenges of the initiative. It analyzes the impact of the global recession on the BRI and how the initiative can help mitigate the effects of the crisis. The article also examines the role of the BRI in promoting sustainable development and addressing environmental concerns. A qualitative research methodology will be implemented based on a market analysis, expert interpretations, literature review, and assessment of online sources. Moreover, the article will cover the politico-economic considerations, infrastructure development opportunities, shipping and transportation facilitation, along with trade facilitation and opportunities along the corridors. The article recommends that policymakers and stakeholders work together to maximize the benefits of the BRI while minimizing the risks and negative impacts. The study concludes that the BRI Economic Corridors have the potential to become a major driver of economic development, particularly in the face of the current global recession. However, the success of the initiative will depend on addressing several challenges, including governance, financing, and environmental sustainability.
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