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Macroeconomics and Economic Growth

Is 'brain drain' a thing of the past?

James I Davison's picture

Lately, I’ve noticed several bloggers and news sites have picked up on an interesting trend migration trend that many have dubbed "reverse brain drain" – the return of skilled immigrants to their home countries. With rising unemployment and an often-difficult U.S. immigration process, the notion of looking back at home for work has reportedly appealed to foreign nationals working in the United States for technology, finance and other industries.

World Bank economist Sonia Plaza writes on the People Move blog about the shift in terminology over the years caused by new trends.

Some optimism during gloomy mood of Davos 2009

James I Davison's picture

Chinese Premier Wen Jiabao as optimistically predicted his country’s growth in 2009. Image credit: worldeconomicforum at Flickr under a Creative Commons license.
I've seen quite a few stories this week about the World Economic Forum, which is entering its last two days in Davos, Switzerland. Not surprisingly, accounts coming out of the annual meeting have reflected the gloomy state of a global economy in the midst of financial crisis. Seems the event's past reputation of being a party for wealthy people and celebrities has been replaced with politicians, average government workers and others discussing – as the 2009 event has been dubbed – "Shaping the Post-Crisis World."

A story that stuck out at me came from the New York Times, which quoted Wen Jiabao, the Chinese premier, as optimistically predicting the country’s growth in 2009 at 8 percent. That’s pretty optimistic compared to many other economist predictions – some as low as 4 percent or less for the year.

Considering China's options in weakening global economy

David Dollar's picture

The December export numbers for China showed a 2.8 percent decline from the year before. This was the worst showing in a decade, but better than the 4-5 percent decline expected by the business press. There is still plenty of cause for worry, as economist and blogger Brad Setser wrote in a recent post, "This really doesn’t look good". While Setser is talking about the breath-taking drop in Korean and Taiwanese exports in December, some of those exports normally would be on their way to China for further processing and re-export. So, the grim news from those economies in December probably presages more tough times ahead for China's exports.

In this deteriorating global environment, the Ministry of Finance and the World Bank's Beijing office last week held a seminar with some very good international and Chinese economists to discuss China’s macroeconomic policy options. While the economists had a wide range of views, I took away a pretty strong consensus from them on three things

Regional roundup: Finance in East Asia

James Seward's picture

This is the first blog entry of what I hope to be regular updates from the financial sector and related areas across the East Asia and Pacific region. So, let’s see how the New Year began in Asia.

Unfortunately, the bad news keeps coming on the economies in the region in terms of exports and industrial output. Exports and industrial production fell 6.2 percent in Malaysia in November and exports from Thailand fell 18 percent in November. Surveys of consumer confidence, business sentiment, and manufacturers across the region have all shown significant declines.

East Asian governments take action in time of financial crisis

James Seward's picture

In my last post, I discussed how emerging Asia is getting hit by the financial storm and the early signs of stress in the financial systems across the region. The intensity of this storm appears to be getting worse, but governments across East Asia are taking a wide range of measures to bolster their financial systems.

Slower growth forecasted in East Asia – but things could be worse

James I Davison's picture

Upon releasing its half-yearly economic report of East Asia and Pacific early today, the World Bank is forecasting slower growth and intensifying economic turmoil in the region’s developing countries. But it could be worse, said Jim Adams, World Bank vice president for the East Asia and Pacific region, quoted in an AP article.


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