Noida: To discuss the consequences of economic downturn that has affected the entire world, the Global Economic Forum (TGEF) organized a brainstorming session on "After effects of Financial Meltdown: World Economy, Five Years Ahead" was conducted at the campus of Amity University here today at Amity Campus, Noida.
The session brought together the economists, diplomats, politicians and Government representatives to discuss and come up with some ideas, thoughts, suggestions and recommendations which could be relevant not only for India but the entire world.
The session was to be chaired by Lord Meghnad Desai, who could not make it to the event due to some reason.
The current Global Financial Meltdown has plunged the world in to the worst crises since the great depression of 1930s. In spite of stimulus packages running in to billions of dollars introduced by the Governments and bail out acquisitions of MNC's by the state, with the exception of China and India, very few countries are likely to witness reasonable economic growth in coming years.
Lord Meghnad Desai -Professor Emeritus, LSE who could not make it to the session expressed his views through his written message in which called for reconfiguration of the fuel use technology, switching over to new carbon efficient technologies and restructuring of financial institutions including International Monetary Fund (IMF) to reduce the aftereffects of economic downturn. "The global financial architecture needs reform and IMF may need to be restructured to achieve this", Lord remarked. Stressing and pointing "financial imbalances in the global economy" as the main reason of the crisis, he averred "China accumulated large financial surpluses from its exports. China along with many other countries of Asia over-saved. To make such savings paying someone had to over-consume. USA did this job by running a double deficit on fiscal and external accounts. The global economy had enjoyed a boom for 15 years. Now, there is a setback. Many banks have lost their capital values and the financial sector has shrunk. In OECD countries output loss has been massive -15 % in Japan and -7% in Germany". Lord Desai emphasized, "it is difficult to say who will emerge as new power in the future. Innovations will be called for and once again USA is most likely to be the innovative economy"
The eminent panelists for the session included H.E. Sir Charles Richard Vernon Stagg- High Commissioner of United Kingdom; H. E. Ms. Daniele Smadja- Amb. of European Commission; H. E. Mr. Levent Bilman- Amb. of Turkey; Shri Yogendra Kumar Modi- CMD, Great Eastern Energy Corporation Ltd and Dr. Shankar Acharya- Member Board of Governors, ICRIER
Welcoming the august gathering Dr. Ashok K Chauhan- President, TGEF expressed his heartfelt gratitude to all the distinguished speakers, who despite of their busy schedule made it to the session.
Source:http://www.indiaedunews.net/Uttar_Pradesh/Amity_conducts_session_on_Aftereffects_of_Financial_Meltdown_8810/
The session brought together the economists, diplomats, politicians and Government representatives to discuss and come up with some ideas, thoughts, suggestions and recommendations which could be relevant not only for India but the entire world.
The session was to be chaired by Lord Meghnad Desai, who could not make it to the event due to some reason.
The current Global Financial Meltdown has plunged the world in to the worst crises since the great depression of 1930s. In spite of stimulus packages running in to billions of dollars introduced by the Governments and bail out acquisitions of MNC's by the state, with the exception of China and India, very few countries are likely to witness reasonable economic growth in coming years.
Lord Meghnad Desai -Professor Emeritus, LSE who could not make it to the session expressed his views through his written message in which called for reconfiguration of the fuel use technology, switching over to new carbon efficient technologies and restructuring of financial institutions including International Monetary Fund (IMF) to reduce the aftereffects of economic downturn. "The global financial architecture needs reform and IMF may need to be restructured to achieve this", Lord remarked. Stressing and pointing "financial imbalances in the global economy" as the main reason of the crisis, he averred "China accumulated large financial surpluses from its exports. China along with many other countries of Asia over-saved. To make such savings paying someone had to over-consume. USA did this job by running a double deficit on fiscal and external accounts. The global economy had enjoyed a boom for 15 years. Now, there is a setback. Many banks have lost their capital values and the financial sector has shrunk. In OECD countries output loss has been massive -15 % in Japan and -7% in Germany". Lord Desai emphasized, "it is difficult to say who will emerge as new power in the future. Innovations will be called for and once again USA is most likely to be the innovative economy"
The eminent panelists for the session included H.E. Sir Charles Richard Vernon Stagg- High Commissioner of United Kingdom; H. E. Ms. Daniele Smadja- Amb. of European Commission; H. E. Mr. Levent Bilman- Amb. of Turkey; Shri Yogendra Kumar Modi- CMD, Great Eastern Energy Corporation Ltd and Dr. Shankar Acharya- Member Board of Governors, ICRIER
Welcoming the august gathering Dr. Ashok K Chauhan- President, TGEF expressed his heartfelt gratitude to all the distinguished speakers, who despite of their busy schedule made it to the session.
Source:http://www.indiaedunews.net/Uttar_Pradesh/Amity_conducts_session_on_Aftereffects_of_Financial_Meltdown_8810/
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