Keynote address by John Lipsky, First Deputy Managing Director, IMF To Turkish Industrialists’ and Businessmen's Association (TÜSIAD)
It is an honor to address this distinguished forum. I have been asked to discuss the challenging topic of when and how it will be possible to move beyond the current Great Recession that has been unfolding since the US economy's downturn began in late 2007. While the latest data point to a slowing of the global contraction, the timing and pace of the global economic recovery remains uncertain. Moreover, it is clear that whatever comes next will not simply be a return to the status quo ante. Rather, if a new global expansion is to be sustained, it will have to be based on rebalanced sources of growth across countries and regions. Moreover, the current crisis has made it abundantly clear that a substantial strengthening is needed regarding international collaboration in the design and implementation of economic and financial sector policies.
In my remarks today I will discuss the outlook and risks for the global economy, highlighting the key challenges facing policymakers—both in the coming months and over the longer term—as they seek to lay the foundation for a resurgence in global growth. I will conclude with a few remarks on how global developments are challenging the Turkish economy.
See full Press Release.
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