Book Launch: The Day After Tomorrow: A Handbook on the Future of Economic Policy in the Developing World
December 28, 2010 Leave a comment
Economists Otaviano Canuto and Marcelo Giugale pointed to a major shift in the world’s balance of economic power in their new book “The Day after Tomorrow: A Handbook on the Future of Economic Policy in the Developing World.” While developed countries face high unemployment, heavy public debt, and stagnant economies, developing countries have maintained the positive growth premium that emerged prior to the financial crisis. Moreover, the economists said they expect major emerging economies—while facing their own challenges—may become the new locomotives of the global economy.
In the aftermath of the economic crisis, Canuto and Giugale asked 40 of their World Bank colleagues to lay out their visions on how key economic policy issues will be dealt in the developing world within the next three to five years. The book resulted from this exercise revealed a reasoned optimism, based on sensible macroeconomic policies that have made developing countries resilient to the recession that engulfed advanced economies after the 2008 collapse of financial markets. Also, developing countries are integrating with each other and catching up technologically with advanced economies. Many are rich in natural resources that will remain in high demand. Read more of this post