Reviews: “During the run-up to the 2010 Seoul G-20 Summit , Korea was remarkably effective in forging a new consensus that development policy issues must be central to the G-20 deliberations. Postcrisis Growth and Development identifies these issues and documents a unique moment in international relations when powerful developing countries are taking their rightful place at the table in the planet’s top economic steering group”.
- Nancy Birdsall, President of the Center for Development
“Postcrisis Growth and Development should be in the hands of every G-20 minister at the Seoul Summit and be a primary of analytical evidence that development issues are, in fact, globally relevant and must be tackled at the international level if gaps in humankind’s progress are to be closed. The focus on non-G20 developing countries is particularly welcome, considering their potential to contribute to global economic growth.”
- Benno Ndulu, Governor of the Bank of Tanzania
“Korea has been an exceptional leader on many fronts, including the ideas behind its extraordinary growth and development over many decades and more recently for its pioneering role in equipping the country for the two industrial revolutions that are currently taking place: in information and communication technology, which is in full swing, and in low-carbon development, which is just beginning. Korea has also been a leader in the G-20, especially in the implementation of its Green Growth policy, both for the fiscal stimulus over the last few years and for the medium and long term. And Korea has been a champion of the interests of the developing world as a whole. Postcrisis Growth and Development clearly conveys why the development of energy-efficient infrastructure in low- and middle-income countries is critical to prevent ‘locking in’ carbon-intensive infrastructure, to manage the huge risks of climate change, and to gain the great benefits of the new green industrial revolution in driving the growth story of the future,”
- Lord Nicholas Stern, IG Patel Professor of Economics and Government, Chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics
“Developing countries, especially those that are G-20 members, are increasingly contributing to global growth and are helping to sustain postcrisis recovery. Postcrisis Growth and Development makes a strong case for incorporating pressing development issues-trade, infrastructure, food security, and financial inclusion-in the G-20’s agenda.”
- Jere Behrman, W.R. Kenan Jr. Professor of Economics and Director of the Population Studies Center at the University of Pennsylvania
Description: The Korea-World Bank High Level Conference on Post-Crisis Growth and Development, held in June 2010, in Busan, Republic of Korea, successfully brought key development issues to the forefront, laid the groundwork for setting global development priorities, and advanced the discussion among the international community, the G20, and the non-G20 countries on development policy. This volume compiles the papers and proceedings presented at this conference, which was attended by a mix of delegations from international organizations, high-level government officials, and eminent academics and practitioners. The conference covered a number of areas that are critical to the global development agenda and central to the G20’s mandate to foster “strong, sustainable, and balanced growth.”
The topics covered in the volume include both broad themes and specific sectors. The cross-cutting papers include: the emergence of multipolar growth in the post-crisis period led by structural reforms and rebalancing growth; an analysis of Korea’s development experience that draws lessons on how to transform from a low-income country to an advanced economy in one generation; and the impact of the global crisis on achieving the Millennium Development Goals (MDGs) by 2015 and regaining momentum toward their completion. The sectoral papers include: promoting aid for trade, specifically in resisting protectionism and recommitting to the Doha agenda; supporting infrastructure and sustainable development; ensuring agriculture and food security; and advancing inclusive finance.
The volume makes a strong case for integrating development into the G20 agenda and the need to bring non-G20 developing countries on board to ensure their participation in the global recovery and sustained growth and to enhance the legitimacy and credibility of the G20 process.
Contents: Foreward • Abbreviations • Postcrisis Growth and Development : A Development Agenda for the G-20 : Overview • Why Development Should Be a Priority Agenda for the G-20 • Why the G-20 Should Be Interested in the Development of the G-20 • A Global Economy with Multiple Growth Poles • The G-20 and Global Development • Joint Discovery and Upgrading of Comparative Advantage : Lessons from Korea’s Development Experience • Achieving the Millennium Development Goals in the Aftermath of the Global Economic Crisis • Keeping the Promise • The Millennium Development Goals after the Crisis • Aid for Trade : Building on Progress Today for Tomorrow’s Future • Infrastructure and Sustainable Development • Food Security: The Need for Multilateral Action • Toward Universal Access : Addressing the Global Challenge of Financial Inclusion • Appendix A Matrix of Proposed Policy Actions : A Development Agenda for the G-20 • Appendix B G-20 and Non-G-20 Selected Economic and Social Indicators.
About The Author: Shahrokh Fardoust is currently Director, Operations and Strategy, in Development Economics Vice Presidency, at the World Bank. Prior to his current position he served as Senior Adviser to Director-General, the Independent Evaluation Group of the World Bank Group, and from 2001to 2006 he severed as Senior Economic Adviser to the Senior Vice President and Chief Economist of the World Bank. At the Bank since 1987, Mr. Fardoust has served in a number of operational assignments, including the Lead Economist for India, where he led a team of experts responsible for the economic policy dialogue with states of India. Before coming to the Bank, he held positions at the U.N. Secretariat, New York, as a visiting lecturer in Economics at Wharton School and at the Ministry of Foreign Affairs, Iran. Mr. Fardoust has a Ph.D in Economics from the University of Pennsylvania.
Yongbeom Kim is Director General of Global Financial Architecture Bureau in the Presidential Committee for the G-20 Summit. His work portfolios include international financial institutions reform, economic development, and financial regulatory reform. Just prior to assuming this current position in November 2009, he was Director General and Head of Post Insurance Unit of the Korea Post, one of top five insurers in Korea with assets of USD 22 billion. Previously, during March 2008-March 2009, Dr. Kim was Deputy Assistant Chairman of the Presidential Council on National Competitiveness (PCNC), an institution of the new Administration mandated to spearhead rejuvenation and to enhance growth potential of the national economy. He also oversaw the financial regulatory reform team within the PCNC. During March 2005-Feburuary 2008, he was Deputy Secretary for Economic Policies in the Office of the President of Korea and as the Director of Banking System Division in the Ministry of Finance and Economy. Dr. Kim gained much exposure overseas to international financial issues. He oversaw various projects at the World Bank during July 2000-February 2005 as Senior Financial Economist, ranging from capital market development and to financial regulations. He was actively involved in various World Bank Financial Sector country programs, including Indonesia, Egypt, Croatia, Kenya, Tanzania and Uganda, but with a strong expertise and focus on China. Dr. Kim began his public service in 1988 as Deputy Director in Korea’s Ministry of Finance where he gained extensive experience through the Treasury (1988-92), Capital Markets (1996-99) and Financial System (2000) Divisions. His Ministry tenure was highlighted with major roles assumed in financial sector restructuring, corporate governance reform, privatization, and capital market development initiatives during the nation’s intense recovery period of 1997-2000 following the Asian financial crisis. Dr. Kim received his doctorate in economics from George Washington University on a Fulbright Scholarship (1992-96). Earlier, he graduated from Seoul National University (magna cum laude) and continued on to earn an M.P.A.
Claudia Sepúlveda is Senior Economist in the Development Economics Vice Presidency at the World Bank. She has held positions in different units of the World Bank (Latin America and the Caribbean region and the Development Research Group) working on trade, labor, and fiscal issues. Ms. Sepúlveda was also a member of the World Development Report 1997 on “The State in a Changing World.” She holds degrees in Economics from the Universidad de Chile and the University of California at Los Angeles.