Faculty / School

Faculty of Business Administration (FBA)

Department

Department of Economics

Was this content written or created while at IBA?

Yes

Document Type

Conference Paper

Publication Date

7-30-2012

Author Affiliation

  • Dr. Ishrat Husain is Dean and Director at Institute of Business Administration, Karachi.

Conference Name

Central Bank course

Conference Location

Manila

Conference Dates

July 30, 2012

First Page

1

Last Page

26

Keywords

Economics, Macroeconomic management, Monetary policy, Financial crisis

Abstract / Description

World economy has recorded fastest growth in the last 50 years ushering in an unprecedented era of prosperity for the majority of the population. Even in this decade of slow growth the global economy will grow to 10 to 20 percent faster than it did a decade ago, 60 percent faster than it did two decades ago, and five times as fast as it did three decades ago.

Developing and emerging economies which were impoverished and faced with poverty, hunger, illiteracy have been able to make a remarkable turn around and increased their share of world GDP from almost negligible proportion to almost 50 percent. In 1980, the number of countries that were growing at 4 percent a year was around 60. by 2007, it had doubled to 120. even now, after the financial crisis and recession the number is more than 80. Then annual average growth rate in the last decade was an impressive 6.4 percent.

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