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Americas conference tackles Latin America's thorny Issues

Carlos Molina's picture

In the lead-up to the World Bank-IMF Annual Meetings, the Latin America and Caribbean Region VPU of the World Bank is co-hosting and attending the Americas Conference.

The Americas Conference got off to a good start today after addressing two of the most pressing issues facing the region: the impact of the financial crisis, that has engulfed Latin America for more than a year, and the political impasse that is rocking democracy in Honduras.

A group of World Bank experts told the meeting of Government and business leaders that Latin America is turning the corner vis-a-vis the financial crisis -one of the region’s worst-, as some countries were already showing signs of an early recovery.

Regional Finance Roundup: Is East Asia leading the world out of the crisis?

James Seward's picture

Given that Asia is now widely seen as leading the world out of the crisis, it is fitting that the role of Asia was more prominently recognized in the global economic system in the recent G20 meeting held in Pittsburgh.  Since we last looked in July, the outlook for the emerging markets of East Asia has continued to brighten.  The latest regional forecasts come from the Asian Development Bank in its Asian Development Outlook (pdf) published last week.  It points to “the rapid turnaround in [Asia’s] largest, less export-dependent economies” and predicts that “the regional economy is now poised to achieve a V-shaped rebound.”  These are very positive words indeed!  As the graph below shows, the ADB has in fact upgraded its growth forecasts for a number of economies for 2009.

Although the signs are pointing upwards, performance is still mixed in a number of key areas.

A Renewed Faith in Public Investment

Marcelo Giugale's picture

In the lead-up to the World Bank-IMF Annual Meetings, the Latin America and Caribbean Region VPU of the World Bank is co-hosting and attending the Americas Conference.

As the dust settles in Latin America in the wake of the global financial crisis, along with the tough challenges ahead for the economic recovery, there seem to be unique opportunities to improve our region’s long-term outlook.

I have no doubt that this important Miami Conference –where Latin America converges in many ways, cultural and economic- is the ideal place to bring these ideas to the table and kick off a fruitful debate.

After the Crisis—World Bank President lays out vision for new global system

Angie Gentile's picture

Zoellick SAIS speech, After the CrisisOn the eve of the 2009 World Bank-IMF Annual Meetings, Bank President Robert Zoellick called on world leaders to reshape the multilateral system and forge a “responsible globalization”—one that would encourage balanced global growth and financial stability, embrace global efforts to counter climate change, and advance opportunity for the poorest.

“Coming out of this crisis, we have an opportunity to reshape our policies, architecture, and institutions,” Zoellick said, speaking at the DC-based Paul H. Nitze School of Advanced International Studies of the Johns Hopkins University.

“As agreed in Pittsburgh last week, the G-20 should become the premier forum for international economic cooperation among the advanced industrialized countries and rising powers. But it cannot be a stand-alone committee,” the Bank’s president noted.

In a speech laden with historical references, he spoke of the legacy of institutions established to deal with the global economy some 60 years ago and how the economic crisis is contributing to a changing multilateral global architecture.

"Bretton Woods is being overhauled before our eyes," Zoellick said.

The crisis has underscored the growing importance of the large emerging economies. “The current assumption is that the post-crisis political economy will reflect the rising influence of China, probably of India, and of other large emerging economies,” Zoellick said. “[T]he Greenback’s fortunes will depend heavily on U.S. choices.”

An opportunity to project a dynamic post-crisis region

Sergio Jellinek's picture

In the lead-up to the World Bank-IMF Annual Meetings, the Latin America and Caribbean Region VPU of the World Bank is co-hosting and attending the Americas Conference.

I’ve no doubt that the upcoming Americas Conference has the potential to become a platform to project a more dynamic, competitive and democratic Latin America as it exits its worst financial and economic crisis in decades.

Costa Rica’s President Oscar Arias will attend the Miami forum as a special guest, whose voice is one of moderation and respect for the region’s diversity, but also of uncompromising commitment to the core values of democracy and peace.

His vision as chief mediator in the Honduras crisis and author of the San Jose Accord should provide an important contribution to discussions on the plight of this Central American nation.

Political stability in the region is, clearly, one of the key topics being addressed at the Miami conference, which lends particular relevance to the presence of former President and special UN envoy to Haiti, Bill Clinton.

Post-crisis debate likely to heat up in Miami setting

Carlos Molina's picture

In the lead-up to the World Bank-IMF Annual Meetings, the Latin America and Caribbean Region VPU of the World Bank is co-hosting and attending the Americas Conference.

Old rumors fill corridors and grand rooms mimmicking 12th century Sevillian architecture. Perhaps are distant echoes from heated discussions that shaped Government agendas in previous years.

Or maybe it’s just small talk. Either way, it isn’t a stretch of the imagination to think about the Bushes, Clintons, Arias, Uribes or Bachelets of this world exchanging quick policy jabs within the corridors of the historic Biltmore walls as part of the decade-old Americas Conference, only a few days away now from trying to ignite once again an animated debate about the region’s political and economic future.

Cocooned in its limbo of palm trees and warm Miami breeze, the Biltmore Hotel seems to spur high stakes decision-making that has truly contributed to the region’s history -from Free Trade Agreements to Plan Colombia –while serving as a vacation hub for countless royalty and regional elites since the hotel was built in 1926.

In its first effort of this kind, the World Bank has joined this prestigious Conference as a partner, in the hopes of further engaging in a dialogue with the region as it exits the global financial crisis.

The latest move is part of the World Bank Group’s proactive approach to the crisis. It already has contributed an unprecedented US$17 billion in FY09 –triple previous annual commitments- to help countries in the region weather the financial crisis.

Do not worry about inflation in China for now, worry about asset prices and quality

Louis Kuijs's picture

As China’s economy seems to be recovering, many people here have expressed concerns about inflation. I was able to air my views on the subject in an Op-Ed in China’s main English language newspaper, the China Daily, together with two other experts.

World Bank Provides Four Loans Worth Over $4.3 Billion to India

Joe Qian's picture

The World Bank approved four loans worth $4.345 billion dollars yesterday, which is the second largest volume of lending to a single country in a year.

The goal of the four projects is to contribute to improving India's infrastructure and help bolster the country's response to the global economic and financial crisis and lay the foundations for stronger growth in the future.

The financial package consists of:

-Banking Sector Support: $2 billion
-Support for India Infrastructure Finance Company Limited: $1.195 billion
-The Fifth Power Sector Support Project: $1 billion
-The Andhra Pradesh Rural Water Supply and Sanitation Project: $150 million

For more information and to watch an interview with India's Country Director Roberto Zagha, please check out the feature story.

African Successes

Shanta Devarajan's picture

In recent years, a broad swath of African countries has begun to show a remarkable dynamism.  From Mozambique’s impressive growth rate (averaging 8% p.a. for more than a decade) to Kenya’s emergence as a major global supplier of cut flowers, from M-pesa’s mobile phone-based cash transfers to KickStart’s low-cost irrigation technology for small-holder farmers, and from Rwanda’s gorilla tourism to Lagos City’s Bus Rapid Transit system, Africa is seeing a dramatic transformation.  This favorable trend is spurred by, among other things, stronger leadership, better governance, an improving business climate, innovation, market-based solutions, a more involved citizenry, and an increasing reliance on home-grown solutions.  More and more, Africans are driving African development. 

The global economic crisis of 2008-09 threatens to undermine the optimism that Africa can harness this dynamism for long-lasting development.  In light of this, it might be useful to re-visit recent achievements.  The African Successes study aims to do just that.

The study will identify a wide range of development successes (see list), from which around 20 cases will be selected for in-depth study.  The analysis of each successful experience will evaluate the following: (1) the drivers of success—what has worked and why; (2) the sustainability of the successful outcome(s); and (3) the potential for scaling up successful experiences.  African success stories offer valuable insights and practical lessons to other countries in the region. 

I welcome your comments and suggestions for success stories. Click here to see the list of what we have come up with so far.


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