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International Monetary Fund. External Relations Dept.

Given the “striking absence” of local capital in Africa, noted Mark Malloch Brown, Administrator of the United Nations Development Program (UNDP), stock markets have a potentially vital role to play in helping develop local capital markets and encouraging foreign investment inflows. A two-day forum provided an opportunity to showcase some ofthe high-performing companies listed on African exchanges and the considerable scope for future investment opportunities.

Mr. Andrew Crockett

more than 30 years now, and it has been a great pleasure for me to watch his career progress from his beginnings at the World Bank and the distinct contribution he made there to policy analysis and recommendations for many countries. Subsequently, as is well known, Kemal became the Finance Minister and Deputy Prime Minister in this country and contributed very significantly to the economic policies that have helped revive the Turkish economy and stabilized it in the years during his stewardship of the economy. He subsequently became Administrator of the United

International Monetary Fund

Abstract

The October 2009 Per Jacobsson Lecture, delivered in Istanbul in conjunction with the 2009 Annual Meetings of the IMF and World Bank, examined the issue of longer-run growth prospects for the global economy following the recent global economic crisis. Will the world be able, in the five to ten years after the crisis abates, to return to the very rapid kind of economic growth sustained in the five years leading up to it? Noting that recent debate on the topic has focused on demand-side factors, neglecting the key area of supply-side sources of growth, Kemal Dervis, the 2009 Per Jacobsson lecturer, argues that contrary to the majority view that limited, below-trend growth is likely to prevail for some time, there is probably potential for very rapid growth in the world economy over the coming decade, thanks to strong supply-side factors. Whether such growth can be realized depends, however, on demand-side management both at the national level and through improved global macroeconomic policy coordination.

DERVIş KEMAL

Abstract

A year ago this time, in early October of 2008, the world was on the edge of a financial and economic abyss. Those very close to the events in the financial sector were terrified. The world at large had not yet fully comprehended the magnitude of the disaster. The October 2008 World Economic Outlook had predicted that global GDP growth would have attained 2.7 percent in 2008 and would be 1.9 percent in 2009. Compare that to the 2.1 percent realized in 2008 and the most recent projection of -2.3 percent for 2009. Projections have been revised upward over the last few weeks, but the loss of output in 2009 will still be much greater than what was projected a year ago. The real point, however, is that it could have been much worse. What happened on Wall Street in September of 2008 was the financial equivalent of the Cuban missile crisis of 1962. We came very close to a complete meltdown … as the world had come very close to nuclear war in 1962. But the meltdown did not take place—a very vigorous policy response in the major economies and concerted action by the major central banks forestalled a much worse disaster.1

Barbara Herz and Anthony Measham

; WHO Director General, Dr. Halfdan Mahler; UNFPA Deputy Executive Director, Dr. Nafis Sadik; and the Administrator of the United Nations Development Programme, William Draper III. In his speech, Mr. Conable noted the Bank’s plans to involve women more fully in the development process and to address women’s issues in policy dialogue with member countries (see excerpts in box). Summing up the views of participants, the moderator of the conference proceedings, Dr. Fred Sai of the Bank, said “There must be a commitment to stop these deaths. We need to mobilize the

Bernard Oury

products, and weather forecasts and warnings for agricultural purposes—all of great and direct importance to agricultural development. The major question on the agenda of the World Meteorological Conference held in Geneva in April 1967 was the dependence of agriculture upon meteorological conditions. The conference was for the first time attended by the Secretary-General of the United Nations, the Administrator of the United Nations Development Program, and the Director-General of the FAO, reflecting these officials’ awareness of the major importance of the weather as

International Monetary Fund. External Relations Dept.
Speaking at the Thirty-Third Washington Conference of the Council of the Americas on April 29, IMF Managing Director Horst Köhler expressed optimism about Latin America’s growth prospects. Despite difficult economic times, he said, the people have indicated no desire to return to past authoritarian regimes, and several countries have recently reaffirmed their commitment to a market-based system. A summary of Köhle’s address, delivered at the U.S. Department of State, follows.
International Monetary Fund

This Annual Progress Report reviews the Poverty Reduction Strategy Paper and Economic and Social Plan for 2007 for Mozambique. The report presents the new simplified structure adopted in the Review of the First Half of 2007. In the international context, the evolution of the international economy is presented, which allows a visualization of the international economic conditions in which the country has implemented its economic and social policy. The activities of the environment and the science and technology sectors are also described.

International Monetary Fund
This Annual Progress Report reviews the Poverty Reduction Strategy Paper and Economic and Social Plan for 2007 for Mozambique. The report presents the new simplified structure adopted in the Review of the First Half of 2007. In the international context, the evolution of the international economy is presented, which allows a visualization of the international economic conditions in which the country has implemented its economic and social policy. The activities of the environment and the science and technology sectors are also described.