Prospects for the Global Economy

Thursday,  28 April 2011

Jacob A. Frenkel, Chairman of JPMorgan Chase International, Member of the Executive Committee at JPMorgan Chase & Co. and the JPMorgan International Council; Joseph E. Stiglitz, Professor at Columbia University and President of the Initiative for Policy Dialogue (IPD); and Min Zhu, Special Advisor to the Managing Director of the International Monetary Fund, presented their views on the challenges and prospects of today’s global economy as part of Columbia University’s School of International and Public Affairs’ 2011 Distinguished Speakers in International Finance and Economic Policy series.

Frenkel noted the growing importance of emerging markets. Not only are equity flows moving to emerging markets, but their gross domestic product (GDP) rates significantly surpass those of advanced economies. Stiglitz discussed the growth of emerging markets as well as the failure of monetary and fiscal policies in the United States. He believes that the United States’s prospects for a rapid recovery remain bleak. Lastly, Zhu remarked on the changes occurring in commodity and energy demand, the global trade pattern, and the world financial map—with everything moving in the direction of emerging markets. Despite this growth, these economies will face daunting challenges in maintaining sustainable growth.

Merit E. Janow, Professor of International Economic Law and International Affairs and Director of the Program in International Finance and Economic Policy at Columbia’s School of International and Public Affairs (SIPA), moderated this event.

This event was co-sponsored with SIPA’s International Finance and Economic Policy (IFEP) Concentration and the APEC Study Center