Syndicate content

justin lin

Development Optimism from Justin Lin: Review of 'The Quest for Prosperity'

Duncan Green's picture

‘Every developing country has the opportunity to grow at over 8% a year for 20-40 years, and to get rid of poverty within a generation.’ There’s something very refreshing about listening to East Asian development economists, in this case the prolific Justin Lin, a former World Bank chief economist, launching his new book The Quest for Prosperity, at ODI just before Christmas. The contrast between his can-do optimism and the dark clouds of Eurogloom and Afropessimism could not have been greater. But is he right?

While others in development wonkland are increasingly scathing about blueprints and best practice guidelines, Justin is unabashedly a man with a plan. The book takes his paper on ‘Growth identification and facilitation’, (see my earlier review, and Justin’s reply), and boils his thinking down into what he calls a ‘six point recipe’ for developing country governments.

Chief Economist says financial crisis has 'left a scar'

Alison Schafer's picture

The global financial crisis may be easing, but it is far from over, according to the World Bank’s chief economist.  The World Bank is holding its annual meetings in Istanbul, Turkey, and those meetings prompted an assessment of the global economy from Justin Lin.

Lin is the World Bank’s chief economist, and he says the situation may be improving, but the financial crisis of 2008-2009 “has left a scar”.  He warns that it will be years before developing economies bounce back.

 

 

Lin, meeting with other leading economists at the Council of Chief Economists Roundtable in Turkey, reminded them that the world needs to be ready for the challenge of fixing the damage left by the crisis.

For example, Lin says, the residue from the financial crisis will be apparent for years, with unemployment high and consumption low. He says that India will bounce back with an 8 percent growth rate, but the country was roaring along at 10 percent before the crisis. Ethiopia, he says, will come back at 7 to five percent, and but it was showing what he called “high” rates of growth of 11 percent before last fall.

Global Monitoring Report 2009 Released

Sameer Vasta's picture

Global Monitoring Report 2009 Press Briefing. Justin Lin, WB Chief Economist. Photo: © Simone D. McCourtie / World Bank

Yesterday, the IMF and the World Bank released the 2009 Global Monitoring Report, saying that the global financial crisis is imperiling attainment of the 2015 Millennium Development Goals (MDGs) and creating an emergency for development.

Justin Lin, World Bank Chief Economist, spoke about the crisis at the launch of the report:

"Worldwide, we have an enormous loss of wealth and financial stability. Millions more people will lose their jobs in 2009, and urgent funding must be provided for social safety nets, infrastructure, and small businesses in poor countries, for a sustainable recovery."

For more information:

Justin Lin on developing economies at The Economist

Sameer Vasta's picture

During the G20 Summit two weeks ago, World Bank Senior Vice President & Chief Economist Justin Lin spoke to The Economist about the global financial crisis and the importance of social safety nets.

You can listen to the interview using the player below:

You can also download the interview here, or listen to it directly on The Economist website.