Almost 20 years ago, the World Bank released a groundbreaking report – The East Asian Miracle – that called worldwide attention to the economic success of eight economies in the region, leading to a discussion on the extent to which policies followed by them could be replicated.
When World Bank President Jim Yong Kim addressed the joint boards of governors of the Bank and the IMF in Tokyo last month, he took a powerful theme.
The global financial crisis has reversed an expansionary trend of international activities by banks from advanced countries that had been at play for decades. From the late 1970s to 2008, banks not only found new opportunities for intermediation in increasing cross-border capital flows, but they also raised their profile in domestic credit provision abroad. We are now watching an upheaval of that landscape, its ground dramatically shifting with the unfolding of the crisis.
If it weren't for the economic performance of China, Brazil and other emerging markets, the global economic slump following the 2008 financial crisis would have been much worse. Not by chance, prospects for the global economy became gloomier this year when those economies showed signs of decreasing resilience against the downward pull from advanced countries.
In awarding the 2012 Nobel Peace Prize to the European Union, the Swedish Royal academy recognized 60 years of achievements in European economic integration.
Chile has long been known as a superstar in liberalization reforms and innovative export-led growth strategies. The country successfully exports tourism and transportation services. But these successes are, in some ways, yesterday’s news.
As part of their response to negative shocks coming from advanced economies after Lehman's collapse in 2008, most developing countries resorted to countercyclical fiscal policy.
Increased cross-learning and cooperation among developing countries has been a remarkable feature of the global economy in recent decades. It's been some time now since knowledge and technology flowed only from advanced economies ("North") to developing ones ("South").
Over the past several decades international trade has expanded dramatically. Today, the volume of world trade is nearly 32 times greater than its level in 1950, and the ratio of merchandise trade to global GDP has increased to more than 50 percent, up from less than 20 percent just half a century earlier.
In 2001, trade representatives from around the world first arrived in Doha, the capital of tiny Qatar, for the latest round of World Trade Organization (WTO) negotiations. The goal was ambitious: work to reduce trade barriers, while ensuring that developing countries secure their fair share of global trade growth.