Monthly Global Forecast | june 2021
Politics and Governance
G7 Leaders’ summit to commence from June 13th.
The G7 Summit is starting from June 11th till June 13th, 2021, presided over by the UK. It aims at helping democracies unite and build back together after the Covid-19 and to create a greener and more prosperous future for the world. Along with inviting the G7 leaders in June, the UK will also hold a series of ministerial meetings throughout the year, both virtually and in different locations. The summits will cover areas from economics, environment, technology, development, health, and trade. Along with the G7 members: Canada, France, Italy, Japan, the UK, and the US, India, South Africa, and South Korea have also been invited to the Leaders Summit.
Presidential election in Iran to take place on June 18th.
Presidential elections in Iran will be starting on June 18th, 2021. Under the Iranian constitution, Hassan Rouhani, the incumbent president, is ineligible to run for re-election as he was limited to two terms or 8 years in office. For the upcoming elections, seven candidates are approved for presidential candidacy. Iran’s isolation in the regional and international spheres, heightened by the breakdown of the nuclear deal and the hostility of the Trump presidency, has strengthened the country’s conservatives. The conservatives’ victory in the February 2020 legislative elections further expectations that they will also be able to win the country’s presidency. Joe Biden’s victory in the United States opens the possibility of recovering the 2015 nuclear deal with Iran, one of the last hopes for the reformists.
U.N. General Assembly against Corruption to start from June 2nd till 4th.
The United Nations General Assembly in New York will host the first special session to shape the global anti-corruption agenda from June 2nd till June 4th, 2021. It will be focusing on the challenges and methods of preventing and combating corruption and strengthening international cooperation. The special session will provide an opportunity to galvanize the political will of governments and the international community as a whole in advancing the fight against corruption. Governments will be able to take stock of global efforts and commitments and identify solutions to common challenges in preventing and combating corruption.
Defence and Security
Joint Military exercise between UAE and Egypt to continue till June 30th.
The joint military exercise between the ground forces of the UAE and Egypt titled “Zayed 3”, will continue until 30th June 2021. The exercise comes in the backdrop of the UAE Armed Forces’ keenness to conduct multiple ‘joint military exercises with fraternal and friendly countries, to increase combat capabilities. As per the spokesperson for the Egyptian Armed Forces, during the preparation for the joint exercise, Egyptian military authorities raised the bar for technical and combat competence for the participating units to ensure efficiency. The exercise is part of a scheduled military plan to enhance proficiency and accelerate the combat readiness of the forces of both states.
The US to send 250 Marines to Finland for Joint Drills in June.
A squadron of about 250 US Marine Corps will go to Finland to participate in a series of military exercises scheduled for June, according to the Finnish Air Force. The visit is under the US-Finland defense cooperation program. The US Marines will partake in the Arctic Challenge Exercise 21 (ACE 21), held biennially among Finland, Norway, and Sweden. The drills are expected to enhance fighter tactics and interoperability, as well as to share best practices.
Trade and Economics
Extraordinary Plenary Session of Financial Action Task Force to take place in June.
The Financial Action Task Force (FATF) will conduct an extraordinary plenary session to decide Pakistan’s place in the grey list in June. Pakistan was placed on the grey list in June 2018 and remains under keen monitory as per FATF President Dr. Marcus Pleyer. During February 2021 four-day virtual plenary meeting Pakistan complied with 24 out of 27 points of improvement. This coming meeting will decide Pakistan will stay on the grey list.
UN Trade Forum to start from June 14th.
The UN Trade Forum is scheduled to take place virtually from June 14th till June 15th, 2021. The Forum seeks to promote a green and inclusive recovery process after the pandemic crisis. The high-level segment of the Forum will discuss how trade tensions can be reduced while ensuring multilateralism. These discussions on a green and inclusive recovery from the pandemic will pave the way for an upcoming quadrennial conference in October that will determine the priorities and work program of the United Nations Conference on Trade and Development UNCTAD over the next four years.
Crude Oil and Palm Oil to start trading from China on June 21st.
China’s Security Regulatory Commission (CSRC) announced that the trading of crude oil and palm oil options on the Shanghai International Energy Exchange and the Dalian Commodity Exchange, respectively, will commence from June 21st, 2021 and June 18. Currently, foreign companies and investors have limited access to China’s commodity market. Nevertheless, the decision of trading crude oil and palm oil options is expected to pave a way for China to become a global commodity pricing power.
Pakistan’s Budget 2021-2022 to be presented on June 11th.
Pakistan’s budget for the Fiscal Year 2021 and 2022 will likely be tabled on June 11. The budgetary targets of FY 2021-22 will be finalized in consultation with the International Monetary Fund (IMF). As per the briefing of the National Standing Committee on Finance, the government envisages the GDP growth of 5% with an 8.2% inflation for the next fiscal year. Though Pakistan will continue to maintain programme discipline of austerity and a 2.4% fiscal adjustment, but the government will provide relief to the people with no such tax in place that will cause food inflation.
Energy and Environment
China’s National-level Carbon Trading Program to start by June-end.
China will be launching a nationwide carbon trading market in Shanghai by June. It could be a major step forward in Xi Jinping’s aim of transforming the world’s biggest greenhouse gas emitter into a net-zero emissions country by 2060. For most of its industrial boom, China relied on coal-fired electricity that led to rampant pollution. This time, with an aim of carbon neutrality, experts estimate that clean technology infrastructure investments in China’s potential path to net-zero by 2060 is around $16 trillion. This can create up to 40 million jobs and drive economic growth.
London Climate Action Week to start from June 26th till July 4th.
London Climate Week 2021, now in its third year, will take place from June 26th till July 4th, 2021. It is an annual event that brings together the climate experts and communities to help deal with the climate emergency. It is the largest private climate change event in Europe. It is helping in building a future that is net-zero, equitable, and resilient. This year its theme is ‘harnessing the power of London for global climate action’.
Regional Climate Weeks 2021 for Africa to begin from June 16th.
The Regional Climate Weeks 2021 Virtual Thematic Sessions for the African region will start from June 15th till 18th June. The main organizing partners of this virtual summit are UN Development Programme (UNDP), UN Environmental Programme (UNEP), UN Framework Convention on Climate Change (UNFCC), and the World Bank. This session focuses upon three themes: national actions and economy-wide approaches, implementing integrated approaches for climate-resilient development, and seizing transformation opportunities. Most of the event will take place virtually due to the pandemic situation, with the option of some physical meetings if the status of the pandemic allows.
High-Level Dialogue on Desertification, Land Degradation, and Drought will be held on June 14th.
Initially expected to take place in May, the event was postponed due to the Covid-19 situation and the new date is June 14th, 2021. As per the UN General assembly Resolution A/RES/74/220, the President of the UNGA with support of the Executive Secretary of the UN Convention on drought, desertification, and land degradation (DLDD) will convene a high-level dialogue to access the situation of DLDD. The dialogue’s objectives will be: bringing attention to recovery opportunities, elevating the discourse on DLDD issues and their global significance, and ensuring that the member states implement Land Degradation Neutrality targets and National Drought plans. The session will give momentum while ensuring SDGs implementation.
Generation Equality Forum to begin from June 30th.
The Generation Equality Forum is a global gathering to embrace gender equality taking place this year on June 30th, kick-starting in Mexico City, and culminating in Paris. It is convened by UN Women and co-chaired by France and Mexico in partnership with civil society. The Forum is a global setting where people from around the world stand together to celebrate the power of women’s rights activism, feminist solidarity, and youth leadership to achieve transformative change. With threefold objectives of preparing action coalitions, developing multilateral feminist strategies, and forming a multilateral alliance of states for gender equality agendas. The Forum shall seek to attract public conversation on urgent concerns of gender imbalance.
ECOSOC Humanitarian Affairs Segment 2021 is scheduled for June 23rd till the 25th.
The UN Economic and Social Council (ECOSOC) is holding its humanitarian affairs segment from June 23rd till June 25th, 2021 in Geneva, Switzerland. The segment will be chaired by Pascale Baeriswyl, Permanent Representative of Switzerland to the United Nations, as the ECOSOC Vice-President for the HAS. Since 1998, the Humanitarian Affairs Segment (HAS) has been a significant platform for discussing the activities and issues related to strengthening the coordination and effectiveness of the humanitarian assistance of the United Nations. 2021 HAS segment will have three high-level panel discussions on three themes: healthcare, innovation, and humanitarian action, and climate change.