Economic Growth Strategies for Developing Countries in an Era of Global Uncertainty
Since 1950, only 12 countries have managed to grow at rates in excess of 7 percent for 25 years or more. Many more countries—in places as diverse as Latin America, Africa, and the Middle East—have managed high growth rates for shorter periods, only to see that growth falter. What have we learned about what drives growth? What hinders it? What should countries do to achieve a marked improvement in living standards? And, finally, how have the waves of financial crisis during the past 15 years (starting with Mexico in 1994) impacted opportunities for growth?
On April 14, The Hamilton Project at Brookings and the Commission on Growth & Development hosted a discussion on these and other questions on the role economic growth in reducing poverty in developing nations. Special attention was given to the impacts of recent financial market turmoil on global development. Former U.S. Treasury Secretary Robert E. Rubin, a member of the Hamilton Project Advisory Council and the Growth Commission, gave welcoming remarks. Nobel Laureate A. Michael Spence, chair of the Growth Commission, provided an overview of a new paper he co-authored with Mohamed A. El-Erian, “Growth Strategies and Dynamics: Insights from Country Experiences.” The paper examines the challenges faced by developing countries in promoting and sustaining economic growth, using China and India as case studies. A panel of Hamilton Project and Growth Commission experts discussed these growth challenges and proposed policy responses to help developing nations move forward in this era of global uncertainty.
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