View allAll Photos Tagged MacroEconomics
Fifth annual Fiscal Summit sponsored by the Peter G. Peterson Foundation on May 14, 2014 in Washington, D.C.
Jesus Fernandez-Villaverde, professor of economics and director of the Penn Institute for Economic Research at the University of Pennsylvania, speaks about fiscal policy and the recent financial crisis at a research conference at Goizueta Business School, Nov. 3, 2011.
The conference, titled "What should we really expect from macroeconomic policy?," was co-sponsored by The Halle Institute and the Federal Reserve Bank of Atlanta. Policymakers, academics, and business leaders gathered at Emory University to discuss fiscal policy and the recent financial crisis, oil prices and macroeconomics, practical considerations in developing policies, and more. Learn more: bit.ly/macro-econ.
Photo by Wilford Harewood.
(L-R) International Monetary Fund (IMF) Senior Advisor MiddleEast and Central Asia Department Alfred Kammer, IMF Deputy Managing Director Murilo Portugal, and Minister of Finance of Lebanon and Chair of the Middle East Regional Technical Assistance Center (METAC) Steering Committee H.E. Raya Haffar pose for a photo after the IMF, Donor Partners and Recipient Countries Pledge Contributions of US$21.5 million to Support the METAC.
The International Monetary Fund (IMF), the European Commission, France, Kuwait, Oman, as well as the Middle East Regional Technical Assistance Center (METAC) beneficiary countries—Lebanon, Egypt, Jordan, Libya, Syria, Sudan, and Yemen—pledged to contribute US$21.5 million to METAC during a pledging session held in Washington DC today. The pledges received cover about two thirds of the center’s requirements for its third phase of operation, which runs from May 2010 to April 2015. Discussions are ongoing with a number of other donors who have also expressed interest in contributing to METAC.
The center, which is located in Beirut (Lebanon), provides technical assistance and training to Afghanistan, Egypt, Iraq, Jordan, Lebanon, Libya, Syria, Sudan, the West Bank and Gaza and Yemen, with a focus on banking supervision, public debt management, revenue administration, public financial management, and macroeconomic statistics.
After the conclusion of the pledging session, IMF Deputy Managing Director Murilo Portugal made the following statement:
“The IMF is pleased that our partners – both traditional donors and recipient countries alike have again pledged their support to METAC.”
October 10, 2010, IMF Headquarters in Washington, D.C.
IMF Staff Photo
Recently, many economies have come under sharp foreign exchange pressures, reflecting large commodity price declines, volatile external financing conditions, and country-specific factors. This seminar will invite central bank officials from emerging and frontier markets to discuss their recent experiences in dealing with these pressures, including the role of exchange rate flexibility and constraints imposed by the overall macroeconomic policy frameworks and balance sheets.
MEPs walking to the Chamber to vote
www.europarl.europa.eu/en/headlines/content/20110617FCS21...
© European Union 2011 PE-EP/Pietro Naj-Oleari
Recently, many economies have come under sharp foreign exchange pressures, reflecting large commodity price declines, volatile external financing conditions, and country-specific factors. This seminar will invite central bank officials from emerging and frontier markets to discuss their recent experiences in dealing with these pressures, including the role of exchange rate flexibility and constraints imposed by the overall macroeconomic policy frameworks and balance sheets.
The 2017 OECD Economic Survey of China assesses the country’s recent macroeconomic performance and proposes policy measures to promote higher-quality growth. Improving corporate performance by boosting innovation activities and entrepreneurship, enhancing the standards of corporate governance and reforming state-owned enterprises by exposing them more to market mechanisms would raise efficiency and boost household incomes, increase employment opportunities and raise people’s overall well-being. Moving to less energy-intensive production is also key to achieve greener and more sustainable growth. Greater redistribution through the tax-and-transfer system and better targeting of social assistance would enhance inclusiveness. At the same time, inequalities in access to education, healthcare and pensions need to be addressed.
Find out more about the event iems.ust.hk/events/event/china-economic-prospects-oecd-an...
Port of Suva is the most extensive and busiest container and general Port providing the maritime gateway to Fiji's capital Suva.
The Fiji Ports Development Project comprised wharf improvements at the ports of Suva and Lautoka, on the island of Viti Levu, the principal gateways for Fijiâs international trade. The projectâs objectives were to achieve a stable macroeconomic environment; support trade, investment, private sector development; and enhance the economyâs competitiveness through sustained improvements in port productivity.
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Port of Suva is the most extensive and busiest container and general Port providing the maritime gateway to Fiji's capital Suva.
The Fiji Ports Development Project comprised wharf improvements at the ports of Suva and Lautoka, on the island of Viti Levu, the principal gateways for Fiji’s international trade. The project’s objectives were to achieve a stable macroeconomic environment; support trade, investment, private sector development; and enhance the economy’s competitiveness through sustained improvements in port productivity.
Read more on:
Port of Suva is the most extensive and busiest container and general Port providing the maritime gateway to Fiji's capital Suva.
The Fiji Ports Development Project comprised wharf improvements at the ports of Suva and Lautoka, on the island of Viti Levu, the principal gateways for Fiji’s international trade. The project’s objectives were to achieve a stable macroeconomic environment; support trade, investment, private sector development; and enhance the economy’s competitiveness through sustained improvements in port productivity.
Read more on:
International Monetary Fund Managing Director Christine Lagarde (3rd L) is joined on panel by Amina Mohammed (2nd L), Deputy Secretary General, United Nations; Muhtar Kent (3rd R), CEO, Coca Cola; Siv Jensen (2nd R), Minister of Finance, Norway; Winnie Byanyima (R), Executive Director, Oxfam International and moderated by Sara Eisen (L), CNBC Anchor “Worldwide Exchange” at the IMF Headquarters April 20, 2017 in Washington, DC. IMF Staff Photograph/Stephen Jaffe
The IMF will hold a conference on Gender and Macroeconomics on March 23-24, 2017 at the IMF Headquarters in Washington, DC. The conference will provide a forum for discussing innovative empirical and theoretical research on gender and macroeconomics and policy implications, with specific application to the challenges of low-income and developing countries. Topics will include female labor force participation, financial inclusion, trade diversification, firm performance, intra-household choices, public investment, and macroeconomic outcomes.
18 September 2020. The finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN), People’s Republic of China, Japan, and Republic of Korea (ASEAN+3) convened its 23rd meeting online. The ministers and governors discussed recent economic and financial developments in the region and strengthening regional financial cooperation through the Chiang Mai Initiative Multilateralisation (CMIM), ASEAN+3 Macroeconomic Research Office (AMRO), and Asian Bond Markets Initiative (ABMI), among others.
The meeting was held virtually as part of the 53rd Annual Meeting of the ADB Board of Governors (2nd Stage). View the full list of webinars and meetings.
The first stage of the 53rd Annual Meeting comprised a reduced-scale meeting of the Board of Governors on 22 May, during which Governors approved ADB’s financial statements and net income allocation in line with ADB institutional requirements.
Communiqué
Meeting of Finance Ministers and Central Bank Governors
Washington, 18-19 April 2013
1. We, the G20 Finance Ministers and Central Bank Governors, met to discuss the current situation in the global economy and to bring forward the policy agenda for our Leaders’ summit in September.
Global Economy and G20 Framework for Strong, Sustainable and Balanced Growth
2. We reaffirmed our determination to raise growth and create jobs.
3. The global economy has avoided some major tail risks and financial market conditions continue to improve. However, global growth has continued to be too weak and unemployment remains too high in many countries. The recovery remains uneven and is progressing at different speeds with emerging markets experiencing relatively strong growth, the United States demonstrating a gradual strengthening of private demand, and the recovery in the euro area as a whole yet to materialize. Policy uncertainty, private deleveraging, fiscal drag, impaired credit intermediation, and a still incomplete rebalancing of global demand continue to weigh on global growth prospects. Medium-term challenges are also present in many economies, including those related to fiscal sustainability and financial stability.
4. We have agreed that while progress has been made, further actions are required to make growth strong, sustainable and balanced. Some countries have taken steps to stimulate activity since we last met. In particular, Japan’s recent policy actions are intended to stop deflation and support domestic demand. In addition, Korea announced an active macroeconomic policy package. However, much more is needed to fulfill our commitment to address the ongoing weakness in the global economy. Major policy priorities remain largely the same. In the euro area the foundations of economic and monetary union should be enhanced, including through an urgent movement towards banking union, further reducing financial fragmentation, and continued strengthening of banks’ balance sheets. Further progress toward a balanced medium-term fiscal consolidation plan is necessary for the United States, although significant deficit reduction has already been achieved. Japan should define a credible medium-term fiscal plan. Large surplus economies should consider taking further steps to boost domestic sources of growth. We will continue to implement ambitious structural reforms to increase our growth potential and create jobs.
5. Maintaining fiscal sustainability in advanced economies remains essential. Advanced economies will develop medium-term fiscal strategies by the time of the St Petersburg Summit in line with the commitments made by our Leaders in Los Cabos. We will present and review our strategies at our next meeting.
6. We reiterate our commitments to move more rapidly toward more market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals, and avoid persistent exchange rate misalignments. We will refrain from competitive devaluation and will not target our exchange rates for competitive purposes, and we will resist all forms of protectionism and keep our markets open. We reiterate that excess volatility of financial flows and disorderly movements in exchange rates have adverse implications for economic and financial stability. Monetary policy should be directed toward domestic price stability and continuing to support economic recovery according to the respective mandates of central banks. We will be mindful of unintended negative side effects stemming from extended periods of monetary easing.
International Financial Architecture
7. Completing the ongoing reforms of IMF governance is indispensable for enhancing its credibility, legitimacy and effectiveness. For this reason the ratification of the 2010 IMF Quota and Governance Reform is urgently needed. We support the IMF Executive Board’s decision to integrate the process of reaching a final agreement on a new quota formula with the 15th General Review of Quotas. We remain committed, together with the whole IMF membership, to agree on the quota formula and complete the 15th General Quota Review by January 2014 as agreed at the Seoul Summit and reiterated in Cannes and Los Cabos. We attach high importance to securing continued progress in meeting this objective, including on key elements at the September St Petersburg Summit and subsequently at the October 2013 G20 Ministerial and IMFC meetings. We reaffirm our previous commitment that the distribution of quotas based on the formula should better reflect the relative weights of IMF members in the world economy, which have changed substantially in view of strong GDP growth in dynamic emerging market and developing countries. We reaffirm the need to protect the voice and representation of the IMF poorest members as part of this General Review of Quotas.
8. In pursuit of our goal of strengthening the existing practices of public debt management, we ask the IMF and the World Bank to consult with their members regarding the implementation and a possible review of the “Guidelines for Public Debt Management”. This will help ascertain if amendments are required to take into account, among other things, evolution in the issuance environment and the emergence of complex interactions between public debt management, monetary and fiscal policies. We look forward to an update on this work by our July meeting and a progress report to the Leaders’ Summit in September. We also note the ongoing work of the OECD to review leading practices for raising, managing and retiring public debt. We welcome the ongoing efforts to strengthen the Fund’s public debt sustainability analysis framework for market-access countries, which is focused on key risks from high debt burden and its profile, macro-fiscal developments, and contingent liabilities. We expect that this will complement our work on medium term fiscal strategies.
9. We reaffirm the important role that Regional Financing Arrangements (RFAs) can play in the global financial safety nets. Further facilitating the dialog among RFAs, as well as strengthening cooperation and increasing complementarities between the IMF and RFAs, while safeguarding the independence of the respective institutions, could support financial stability and thus help promote growth. We note the IMF work on stocktaking of its engagement with RFAs, as well as the recent G20/IMF seminar that reviewed developments in RFAs and explored options for enhancing their cooperation with the IMF. Starting from this basis, and building on the principles for IMF-RFA cooperation we agreed in Cannes, we will discuss possible ways to further enhance that cooperation at our next meeting, in order to assess possible options for further policy recommendations by the time of the Leaders’ Summit in St Petersburg.
10. We will contribute to a successful International Development Association (IDA) 17 replenishment, as well as African Development Fund (AfDF) 13 replenishment.
Long-term Financing for Investment
11. We underscore the importance of long-term financing for investment, including in infrastructure, in enhancing economic growth and job creation. We are taking forward work on this issue, including through adoption of the Terms of Reference of the new G20 Study Group, with inputs envisaged from the World Bank Group, OECD, FSB, IMF, UN, UNCTAD, and from participating countries. These inputs will cover their experience and good practices in creating the necessary conditions for mobilizing long-term financing for investment and promoting a sound investment climate. We will consider the Study Group’s work plan and any additional policy recommendations later this year. We welcome progress by the OECD on the High Level Principles for long-term investment financing by institutional investors and look forward for a report by our next meeting.
Financial Regulation
12. Half of G20 jurisdictions have now issued final regulations to implement Basel III, and the remainder commits to do so as soon as possible in 2013. We welcome the assessments, in some cases initial and ongoing, by the Basel Committee on Banking Supervision of consistency of these regulations with its framework and look forward to further progress on ensuring the conformity of the regulations with the Basel III text. We look forward to the July report on comparability of risk-weighted assets. We will undertake the necessary legislative steps to implement resolution powers and tools consistent with the FSB’s Key Attributes of Effective Resolution Regimes, including the legal basis for cross-border cooperation and coordination. Our objective is to allow authorities to resolve financial institutions in an orderly manner. The FSB will report to the St Petersburg Summit on the progress made towards ending “too big to fail”. We note the progress in implementation of OTC derivatives reforms and we are committed to complete the remaining legislative and regulatory frameworks for these reforms. We look forward to the macroeconomic impact study of OTC regulatory reforms, which is underway. We urge the key regulators to intensify their efforts to address cross-border derivatives issues and report by our July meeting specific and practical recommendations to resolve by the St Petersburg Summit remaining cross-border conflicts, inconsistencies, gaps and duplicative requirements. We also call for a feasibility study on how information from trade repositories can be aggregated and shared among authorities, so as to enable comprehensive monitoring of risks to financial stability. Jurisdictions should remove barriers to trade reporting by market participants, with particular attention to removing barriers to reporting of counterparty information and to information access by authorities. We look forward to further policy recommendations for the oversight and regulation of the shadow banking sector by the Leaders’ Summit. We support the Regulatory Oversight Committee of the Legal Entity Identifier (LEI) initiative in their efforts to launch the Global LEI Foundation as soon as possible. We reiterate our call on the IASB and FASB to finalize by the end of 2013 their work on key outstanding projects for achieving a single set of high-quality standards.
13. We welcome the work of the BIS and IOSCO to improve the oversight and governance frameworks for financial benchmarks, and call on the FSB to coordinate and guide work on the necessary reforms to short-term interest rate benchmarks and to report in July on progress towards oversight and governance frameworks for financial benchmark reform for consideration at the Summit. We support the launch of the FSB’s peer review on national authorities’ steps to reduce reliance on credit rating agencies’ ratings, and ask for a status report including the work by standard setting bodies to be presented to the Leaders at the St Petersburg Summit. We take note of the IOSCO Report on Transparency and Competition Among Credit Rating Agencies. We ask the FSB to examine the need for further work in this area in the light of current domestic and regional regulatory initiatives.
14. More needs to be done to address the issues of international tax avoidance and evasion, in particular through tax havens, as well as non-cooperative jurisdictions. We welcome the Global Forum's report on the effectiveness of information exchange. We commend the progress made by many jurisdictions, but urge all jurisdictions to quickly implement the recommendations made, in particular the 14 jurisdictions, where the legal framework fails to comply with the standard. Moreover, we are looking forward to overall ratings to be allocated by year end to jurisdictions reviewed on their effective practice of information exchange and monitoring to be made on a continuous basis. In view of the next G20 Summit, we also strongly encourage all jurisdictions to sign or express interest in signing the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and call on the OECD to report on progress. We welcome progress made towards automatic exchange of information which is expected to be the standard and urge all jurisdictions to move towards exchanging information automatically with their treaty partners, as appropriate. We look forward to the OECD working with G20 countries to report back on the progress in developing of a new multilateral standard on automatic exchange of information, taking into account country-specific characteristics. The Global Forum will be in charge of monitoring. We welcome the progress made in the development of an action plan on tax base erosion and profit shifting by the OECD and look forward to a comprehensive proposal and a substantial discussion at our next meeting in July.
15. We reiterate our support for FATF work, notably the identification and monitoring of high-risk jurisdictions with strategic AML/CFT deficiencies. We must tackle the risks raised by opacity of legal persons and legal arrangements, and encourage all countries to take measures to ensure they meet the FATF standards regarding the identification of the beneficial owners of legal persons, other corporate vehicles and trusts, that is also relevant for tax purposes.
Financial Inclusion
16. We welcome the launch of the Financial Inclusion Support Framework. We welcome the upcoming Seminar on “Women and Finance” and the launch of the Women’s Finance Hub hosted by the SME Finance Forum, which will provide best practices and knowledge sharing. We call on the Global Partnership for Financial Inclusion to report on the gaps and challenges in the global environment for SME finance, as well as potential policy responses, by our July meeting. We welcome the Financial Action Task Force’s revised Guidance on Financial Inclusion as an important step in helping to create an enabling regulatory environment for innovative financial inclusion.
Group portrait of Professor Haroon Bhorat, Professor of Economics and Director of the Development Policy Research Unit, University of Cape Town; Tarek Galal Shawki, Minister of Education and Technical Education and Hanan Morsy, Director of Macroeconomic Policy, Forecasting and Research Department of African Development Bank (AfDB) during African Economic Conference (AEC) 2019 - Plenary session 1 - High - Level Panel on Youth Employment, Skills, and Entrepreneurship for Africa's Development (AFDB, ECA, and UNDP) on December 02, 2019, in Sharm el-Sheikh, Egypt.
Turkey’s economic and social performance since 2000 has been impressive. However, more recently the country has faced a number of internal and external challenges, notably macroeconomic imbalances, geopolitical uncertainties, changing patterns of global capital and trade flows, and the effects of climate change.
These challenges have tested investor confidence and by the summer of 2018 there has been a significant depreciation of the Turkish lira.
After the formation of the new Government, the authorities responded with appropriate coordinated policy action. Monetary policy was tightened substantially and the New Economic Programme was introduced. This resulted in macroeconomic stabilisation, but at the cost of a sharp slowdown in economic activity.
Meanwhile, the private sector in Turkey is deleveraging. Credit growth, which had been an important catalyst for economic growth in the past, is unlikely to pick up quickly. In the EBRD’s view, the outlook for the medium term is for growth to be below trend.
After local elections in March 2018, the authorities have a four-year window with no scheduled polls on the horizon. They are now considering a range of structural reforms to ensure a more sustainable medium and long-term growth path for the economy. This year’s Investment Outlook Session explored this question from the perspective of a top-level Turkish policymaker.
Moderator
Arvid Tuerkner
Managing Director, Turkey, EBRD - Istanbul
Speakers
Berat Albayrak
Minister, Ministry of Treasury and Finance
2020 is a special year for China as it marks the deadline to achieve goals of building a moderately prosperous society in all respects, implementing the 13th five-year plan, and winning the decisive battle against poverty.
This launch event will discuss how China should continue to develop its agricultural industry in a global context to meet the goals above, and how China and the world should respond to challenges such as the COVID-19 pandemic and support the poor and vulnerable groups.
The China Agricultural Sector Development Report 2020 (CASDR) analyzes the domestic and foreign macroeconomic and agricultural industry conditions. The report reviews the important events in 2019, including the persistence of trade frictions between China and the United States, the spread of African swine fever, etc. Besides, the report assesses the competitiveness of China’s agricultural industry from the perspectives of total factor productivity, international trade and production cost. The report provides studies on the impact of COVID-19 on China’s agriculture and farmers’ income; research on the recovering of pig production capacity and its key influencing factors; and simulations of the impact of fall armyworm on China’s corn industry in 2020. Moreover, it summarizes the characteristics of 18 important agricultural product industries development in 2019 and prospecting trends in the next two years.
The IFPRI 2020 Global Food Policy Report (GFPR) highlights the central role that inclusive food systems play in meeting global goals to end poverty, hunger, and malnutrition, and offers recommendations for making food systems more inclusive for four marginalized groups – smallholders, women, youth, and conflict-affected people. The report also provides analysis on transforming national food system in several countries like Bangladesh and Ethiopia, and advice on development of food system in different regions worldwide. As for China, smallholders and other marginalized groups are affected by African swine fever, trade disputes between China and the United States, COVID-19 and other uncertainties. Their livelihoods, food security, and nutritional status require particular attention. GFPR calls for supporting the poor and the most vulnerable to build inclusive food systems
During the event, an overview of the GFPR's and CASDR's findings will be presented.
Opening Remarks
Host, Longjiang Yuan, Director, Institute of Agricultural Economics and Development (IAED)
Johan Swinnen, Director General, IFPRI
Huajun Tang, President, Chinese Academy of Agricultural Sciences (CAAS)
Reports Launch
China Agricultural Sector Development Report 2020 (CASDR)
Xurong Mei, Vice President, Chinese Academy of Agricultural Sciences (CAAS)
IFPRI 2020 Global Food Policy Report (GFPR)
Shenggen Fan, Chair Professor of China Agricultural University, former Director General of IFPRI
Comments and Advice on Reports
Host, Kevin Chen, Senior Research Fellow, IFPRI
Changyun Jiang, Deputy Director of the Institute of Industrial and Technical Economics, National Development and Reform Commission
Hongyu Zhang, Vice Dean of China Institute for Rural Studies, Tsinghua University
Xiaohua Chen, Member of the National Committee of CPPCC, former Vice-Minister of Agriculture and Rural Affairs, President of Chinese Association of Agricultural Economics
Xingqing Ye, Director General, Research Department of Rural Economy, Development Research Center of the State Council
Xiurong He, Professor of College of Economics and Management of China Agricultural University, Consultant of the State Council
www.ifpri.org/event/china-and-global-agricultural-policy-...
Audience attending the session titled Lessons from recent experiences in macroeconomic forecasting at the ECB Forum on central banking, 28 June 2023 in Sintra, Portugal.
© Sérgio Garcia/Your Image for ECB
In this Analytical Corner, Danny Jiang, Margaux MacDonald and Johannes Eugster talk about how bilateral trade balances are largely driven by macroeconomic factors, rather than bilateral obstacles to trades at IMF Headquarters during the 2019 IMF/World Bank Annual Meetings, October 15, 2019 in Washington, DC. IMF Photograph/Cliff Owen
Turkey’s economic and social performance since 2000 has been impressive. However, more recently the country has faced a number of internal and external challenges, notably macroeconomic imbalances, geopolitical uncertainties, changing patterns of global capital and trade flows, and the effects of climate change.
These challenges have tested investor confidence and by the summer of 2018 there has been a significant depreciation of the Turkish lira.
After the formation of the new Government, the authorities responded with appropriate coordinated policy action. Monetary policy was tightened substantially and the New Economic Programme was introduced. This resulted in macroeconomic stabilisation, but at the cost of a sharp slowdown in economic activity.
Meanwhile, the private sector in Turkey is deleveraging. Credit growth, which had been an important catalyst for economic growth in the past, is unlikely to pick up quickly. In the EBRD’s view, the outlook for the medium term is for growth to be below trend.
After local elections in March 2018, the authorities have a four-year window with no scheduled polls on the horizon. They are now considering a range of structural reforms to ensure a more sustainable medium and long-term growth path for the economy. This year’s Investment Outlook Session explored this question from the perspective of a top-level Turkish policymaker.
Moderator
Arvid Tuerkner
Managing Director, Turkey, EBRD - Istanbul
Speakers
Berat Albayrak
Minister, Ministry of Treasury and Finance
Jesus Fernandez-Villaverde, professor of economics and director of the Penn Institute for Economic Research at the University of Pennsylvania, speaks about fiscal policy and the recent financial crisis at a research conference at Goizueta Business School, Nov. 3, 2011.
The conference, titled "What should we really expect from macroeconomic policy?," was co-sponsored by The Halle Institute and the Federal Reserve Bank of Atlanta. Policymakers, academics, and business leaders gathered at Emory University to discuss fiscal policy and the recent financial crisis, oil prices and macroeconomics, practical considerations in developing policies, and more. Learn more: bit.ly/macro-econ.
Photo by Wilford Harewood.
Andrew Bailey, Governor at the Bank of England, Christine Lagarde, President of the European Central Bank and Jerome Powell, Chair at the Board of Governors of the Federal Reserve, attending the session titled Lessons from recent experiences in macroeconomic forecasting at the ECB Forum on central banking, 28 June 2023 in Sintra, Portugal.
© Sérgio Garcia/Your Image for ECB
Port of Suva is the most extensive and busiest container and general Port providing the maritime gateway to Fiji's capital Suva.
The Fiji Ports Development Project comprised wharf improvements at the ports of Suva and Lautoka, on the island of Viti Levu, the principal gateways for Fiji’s international trade. The project’s objectives were to achieve a stable macroeconomic environment; support trade, investment, private sector development; and enhance the economy’s competitiveness through sustained improvements in port productivity.
Read more on:
Audience attending the session titled Lessons from recent experiences in macroeconomic forecasting at the ECB Forum on central banking, 28 June 2023 in Sintra, Portugal.
© Sérgio Garcia/Your Image for ECB
18 September 2020. The finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN), People’s Republic of China, Japan, and Republic of Korea (ASEAN+3) convened its 23rd meeting online. The ministers and governors discussed recent economic and financial developments in the region and strengthening regional financial cooperation through the Chiang Mai Initiative Multilateralisation (CMIM), ASEAN+3 Macroeconomic Research Office (AMRO), and Asian Bond Markets Initiative (ABMI), among others.
The meeting was held virtually as part of the 53rd Annual Meeting of the ADB Board of Governors (2nd Stage). View the full list of webinars and meetings.
The first stage of the 53rd Annual Meeting comprised a reduced-scale meeting of the Board of Governors on 22 May, during which Governors approved ADB’s financial statements and net income allocation in line with ADB institutional requirements.
Isabel Schnabel, Member of the Executive Board of the ECB, attending the session titled Lessons from recent experiences in macroeconomic forecasting at the ECB Forum on central banking, 28 June 2023 in Sintra, Portugal.
© Sérgio Garcia/Your Image for ECB
Dr. Hanan Morsy, Director, Macroeconomic Policy, Forecasting, and Research Department, African Development Bank having a portrait during African Economic Conference (AEC) 2019 - Plenary Session 5 - The Future of Work for Youth Challenges, Opportunities, Policies on December 4, 2019, at Sharm el-Sheikh, Egypt.
Port of Suva is the most extensive and busiest container and general Port providing the maritime gateway to Fiji's capital Suva.
The Fiji Ports Development Project comprised wharf improvements at the ports of Suva and Lautoka, on the island of Viti Levu, the principal gateways for Fiji’s international trade. The project’s objectives were to achieve a stable macroeconomic environment; support trade, investment, private sector development; and enhance the economy’s competitiveness through sustained improvements in port productivity.
Read more on:
18 September 2020. The finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN), People’s Republic of China, Japan, and Republic of Korea (ASEAN+3) convened its 23rd meeting online. The ministers and governors discussed recent economic and financial developments in the region and strengthening regional financial cooperation through the Chiang Mai Initiative Multilateralisation (CMIM), ASEAN+3 Macroeconomic Research Office (AMRO), and Asian Bond Markets Initiative (ABMI), among others.
The meeting was held virtually as part of the 53rd Annual Meeting of the ADB Board of Governors (2nd Stage). View the full list of webinars and meetings.
The first stage of the 53rd Annual Meeting comprised a reduced-scale meeting of the Board of Governors on 22 May, during which Governors approved ADB’s financial statements and net income allocation in line with ADB institutional requirements.
18 September 2020. The finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN), People’s Republic of China, Japan, and Republic of Korea (ASEAN+3) convened its 23rd meeting online. The ministers and governors discussed recent economic and financial developments in the region and strengthening regional financial cooperation through the Chiang Mai Initiative Multilateralisation (CMIM), ASEAN+3 Macroeconomic Research Office (AMRO), and Asian Bond Markets Initiative (ABMI), among others.
The meeting was held virtually as part of the 53rd Annual Meeting of the ADB Board of Governors (2nd Stage). View the full list of webinars and meetings.
The first stage of the 53rd Annual Meeting comprised a reduced-scale meeting of the Board of Governors on 22 May, during which Governors approved ADB’s financial statements and net income allocation in line with ADB institutional requirements.
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Southern Moana vessel docked at the Port of Suva.
The Fiji Ports Development Project comprised wharf improvements at the ports of Suva and Lautoka, on the island of Viti Levu, the principal gateways for Fijiâs international trade. The projectâs objectives were to achieve a stable macroeconomic environment; support trade, investment, private sector development; and enhance the economyâs competitiveness through sustained improvements in port productivity.
Read more on:
Jesus Fernandez-Villaverde, professor of economics and director of the Penn Institute for Economic Research at the University of Pennsylvania, speaks about fiscal policy and the recent financial crisis at a research conference at Goizueta Business School, Nov. 3, 2011.
The conference, titled "What should we really expect from macroeconomic policy?," was co-sponsored by The Halle Institute and the Federal Reserve Bank of Atlanta. Policymakers, academics, and business leaders gathered at Emory University to discuss fiscal policy and the recent financial crisis, oil prices and macroeconomics, practical considerations in developing policies, and more. Learn more: bit.ly/macro-econ.
Photo by Wilford Harewood.
Kazuo Ueda, Governor of the Bank of Japan, attending the session titled Lessons from recent experiences in macroeconomic forecasting at the ECB Forum on central banking, 28 June 2023 in Sintra, Portugal.
© Sérgio Garcia/Your Image for ECB
Joint Ministerial Committee of the
BoardS of Governors of the Bank and the Fund On the Transfer of Real Resources to Developing Countries
1. The Development Committee met today, April 20, 2013, in Washington, DC.
2. Sustained economic growth in developing countries over the past decade has resulted in the achievement of the first Millennium Development Goal (MDG), to halve extreme poverty by 2015, well ahead of schedule. We remain strongly committed to the MDGs and we call on the World Bank Group (WBG) to scale up its efforts to support countries in reaching the MDG targets and to participate actively in setting an ambitious post-2015 agenda.
3. Significant global challenges remain. While the outlook for developing economies is promising and downside risks have diminished in the short-run, global macroeconomic stability is not yet restored, unemployment is still high, and food prices continue to be volatile and to bear down on the poorest. Conflicts and poor governance hinder development in many regions, and climate change and natural disasters put social and economic achievements at risk. Meeting these challenges requires successful domestic policy responses, international cooperation and effective international institutions.
4. A world free of poverty remains the WBG’s overarching mission. We support the development of a unified WBG Strategy that will relentlessly focus its activities and resources on fulfilling its mission. We therefore welcome the paper, A Common Vision for the World Bank Group, and we look forward to discussing the upcoming WBG Strategy at this year’s Annual Meetings. We also welcome the change process outlined to support the WBG Strategy, building on the ongoing reform initiatives and the five building blocks, the measurable goals, and the incorporation of the science of delivery and evidence-based approaches. The Strategy should help the WBG maximize its impact, be more selective, and ensure its financial sustainability.
5. We believe that we have a historic opportunity to end extreme poverty within a generation and we endorse the WBG goal set out in this regard. The global target of reducing the extreme poverty rate - the percentage of people living on less than $1.25 a day - to 3 percent by 2030, is ambitious. Achieving this goal will require strong growth across the developing world, as well as translation of growth into poverty reduction to an extent not seen before in many low income countries. It will also require overcoming institutional and governance challenges, and investing in infrastructure and in agricultural productivity. We call on the WBG to remain committed to all client countries, paying special attention to countries and regions with the highest incidence of poverty and to Fragile and Conflict-Affected Situations (FCS), as well as to the particular challenges facing small states.
6. We equally endorse the WBG goal to promote shared prosperity, which will entail fostering income growth of the bottom 40 percent of the population in every country. We recognize that sustained economic growth needs a reduction in inequality. Investments that create opportunities for all citizens and promote gender equality are an important end in their own right, as well as being integral to creating prosperity. Shared prosperity also means focusing on those who, although not currently poor, are vulnerable to falling into poverty.
7. The goals of ending extreme poverty and promoting shared prosperity must be achieved in an environmentally, socially and economically sustainable manner. Climate change deserves special attention in this context. We welcome the WBG’s commitment to work with the international community to improve the indicators related to environmental sustainability. The welfare of current and future generations requires securing the future of our planet, ensuring social inclusion, and limiting the economic debt inherited by future generations.
8. The International Development Association (IDA) is of critical importance to the WBG’s mission. We welcome IDA17’s overarching theme of maximizing development impact, including by further leveraging synergies with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), as well as its focus on inclusive growth, gender equality, FCS, and climate resilience, including disaster risk management. We call for a robust IDA17 replenishment with strong participation from all members.
9. We welcome the contribution of the private sector to growth and job creation. Private investment flows have grown as sources of development finance and are a key factor in achieving our goals. With a proper enabling environment, adequate infrastructure, and policies that promote competition, entrepreneurship and job creation, the private sector can support shared prosperity and offer real opportunities to all citizens, especially women and young adults. We strongly value the mandate of IFC and MIGA in supporting the development of a dynamic private sector and encourage the WBG to adopt a group wide approach to leverage its development impact.
10. The Third Ministerial Dialogue on Sustainable Development provided an opportunity to sharpen our focus on sustainability within the broader perspective of poverty reduction. We encourage the WBG and the International Monetary Fund (IMF) to provide support to countries that want to catalyze low-carbon growth and climate resilience in cities; scale up efforts towards climate-smart agriculture; and rationalize and phase out inefficient fossil fuel subsidies that encourage wasteful consumption, with due regard to affordability of energy for the poor.
11. In the last two decades, the number of people living in urban settlements rose from 1.5 billion to 3.6 billion. Many live in areas exposed to disasters and climate risks, which poses an urgent and direct threat to development efforts. We welcome the Global Monitoring Report’s findings and recommendations. Urbanization must be managed effectively so slums do not overwhelm cities, exacerbate urban poverty, and derail MDG achievements. We also support disaster risk management and climate change adaptation as sound investments that should be integrated into the WBG’s work. We look forward to a progress report on the implementation of the recommendations of The Sendai Report: Managing Disaster Risks for a Resilient Future at the next Spring Meetings.
12. We are concerned by the continued deterioration of living conditions in the Sahel and the Horn of Africa, which threatens the stability and the development prospects of these regions. We call on the WBG to assist countries to escape permanent crisis cycles by deepening its commitments on infrastructure, job creation, social reintegration, agricultural production and food security. We also encourage the WBG and the IMF to remain actively involved in MENA countries, especially supporting policy reforms. We welcome the new phase of the partnership with Myanmar and urge the WBG and the IMF to offer strong support in accelerating sustainable growth and shared prosperity. We also call on the WBG to foster regional integration and, where appropriate, to support regional projects.
13. The next meeting of the Development Committee is scheduled for October 12, 2013 in Washington, DC.
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Washington, DC April 20, 2013
Philip R. Lane, Member of the Executive Board at the European Central Bank, Alfred Kammer, Director of the European Department at the International Monetary Fund, Clare Lombardelli, Director General at the Organisation for Economic Co-operation and Development, Huw Pill, Chief Economist at the Bank of England and Chiara Scotti, Senior Vice President and Director of Research at the Federal Reserve Bank of Dallas discussing the panel titled Lessons from recent experiences in macroeconomic forecasting, at the ECB Forum on central banking, 28 June 2023 in Sintra, Portugal.
© Sérgio Garcia/Your Image for ECB
Jesus Fernandez-Villaverde, professor of economics and director of the Penn Institute for Economic Research at the University of Pennsylvania, answers questions at a research conference at Goizueta Business School, Nov. 3, 2011. Francesco Bianchi, assistant professor of economics at Duke University, looks on.
The conference, titled "What should we really expect from macroeconomic policy?," was co-sponsored by The Halle Institute and the Federal Reserve Bank of Atlanta. Policymakers, academics, and business leaders gathered at Emory University to discuss fiscal policy and the recent financial crisis, oil prices and macroeconomics, practical considerations in developing policies, and more. Learn more: bit.ly/macro-econ.
Photo by Wilford Harewood.
"Social entrepreneurism, fair trade, organic—all of these are growing trends and that means our company has great macroeconomics. It’s like having a great bone structure for your business."
—Karla Diehl, Vanderbilt MBA’87, chief operating officer and financial manager at Nashville-based Partners Tea Co.
www.vanderbilt.edu/magazines/vanderbilt-business/2010/11/...
(Vanderbilt University / John Russell)
Mr. Adam Elhiraika, Director, Macroeconomic Policy Division, United Nations Economic Commission for Africa, (UNECA) and Dr. Hanan Morsy, Director of Macroeconomic Policy, Forecasting and Research, African Development Bank, having a portrait during African Economic Conference (AEC) 2019 - Session 1 - Press Conference on December 02, 2019, at Sharm el-Sheikh, Egypt.
Portrait of Dr. Hanan Morsy, Director, Macroeconomic Policy, Forecasting, and Research Department, African Development Bank and Dr. Barassou Diawara, Knowledge Management Expert, and co-ordinator, Africa Think Tank Network, African Capacity Building Foundation while discussing during African Economic Conference (AEC) 2019 - Plenary Session 5 - The Future of Work for Youth Challenges, Opportunities, Policies on December 4, 2019, at Sharm el-Sheikh, Egypt.
Jesus Fernandez-Villaverde, professor of economics and director of the Penn Institute for Economic Research at the University of Pennsylvania, speaks about fiscal policy and the recent financial crisis at a research conference at Goizueta Business School, Nov. 3, 2011.
The conference, titled "What should we really expect from macroeconomic policy?," was co-sponsored by The Halle Institute and the Federal Reserve Bank of Atlanta. Policymakers, academics, and business leaders gathered at Emory University to discuss fiscal policy and the recent financial crisis, oil prices and macroeconomics, practical considerations in developing policies, and more. Learn more: bit.ly/macro-econ.
Photo by Wilford Harewood.
Clare Lombardelli, Director General at the Organisation for Economic Co-operation and Development, discussing the panel titled Lessons from recent experiences in macroeconomic forecasting, at the ECB Forum on central banking, 28 June 2023 in Sintra, Portugal.
© Sérgio Garcia/Your Image for ECB
Kazuo Ueda, Governor of the Bank of Japan, attending the session titled Lessons from recent experiences in macroeconomic forecasting at the ECB Forum on central banking, 28 June 2023 in Sintra, Portugal.
© Sérgio Garcia/Your Image for ECB
Clare Lombardelli, Director General at the Organisation for Economic Co-operation and Development, discussing the panel titled Lessons from recent experiences in macroeconomic forecasting, at the ECB Forum on central banking, 28 June 2023 in Sintra, Portugal.
© Sérgio Garcia/Your Image for ECB
Clare Lombardelli, Director General at the Organisation for Economic Co-operation and Development, discussing the panel titled Lessons from recent experiences in macroeconomic forecasting, at the ECB Forum on central banking, 28 June 2023 in Sintra, Portugal.
© Sérgio Garcia/Your Image for ECB
6 June 2017 – OECD Forum 2017. Session: No Ordinary Disruption. OECD, Paris, France.
Moderator
Cyrille Lachèvre, Macroeconomics Reporter, L’Opinion, France
Speakers
Jacob Bundsgaard, Mayor of Aarhus, Denmark
Richard Dobbs, Senior Partner, McKinsey & Company; Director, McKinsey Center for Government
Isabelle Falque-Pierrotin, President, CNIL, France
Diego Piacentini, Government Commissioner for the Digital Agenda, Italy
Christoph Steck, Director Public Policy & Internet, Telefonica
Davor Ivo Stier, Deputy Prime Minister & Minister of Foreign and European Affairs, Croatia (tbc)
Photo: OECD/Mariano Bordon