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Mr. David T. Coe and Mr. Se-Jik Kim

Abstract

Korea’s rapid growth since the early 1960s has indeed been a wonder. Over three decades until the mid-1990s, annual real income growth in Korea averaged over 8 percent. If a country grows by 8 percent each year, its national income will double every decade; if that growth trend continues for thirty years, national income will record a stunning tenfold increase. The small city-state economies of Hong Kong SAR and Singapore also enjoyed rapid growth comparable to Korea’s over the same period. But it was a much bigger accomplishment for a country of almost 50 million people to sustain such high growth for more than three decades.

Saleh M. Nsouli and Mr. Norbert Funke

Abstract

What will determine the success of the New Partnership for Africa’s Development (NEPAD)? Which policies and measures envisaged under NEPAD need to receive highest priority? Who should be responsible for which task? What can be done to overcome potential risks and to speed up the implementation of action plans? These underlying questions are the themes that reverberate throughout this volume.

Edward V.K. Jaycox

Abstract

I would like to thank the organizers and the Government of Japan for holding this follow-up meeting to the seminar in Tokyo last year. I think a great many useful things were said there, and they are more relevant today than ever.

Mr. David T. Coe and Mr. Se-Jik Kim

Abstract

The Asian financial crisis began with the floating of the Thai baht in July 1997. The crisis then spread rapidly to the Philippine peso and the Malaysian ringgit. In August, the Indonesian rupiah devalued, ultimately by more than any other Asian currency. Relatively small depreciations occurred in the Singaporean dollar, starting in August, and the New Taiwan dollar, starting in October. The South Korean won depreciated substantially starting in November. Japan also had a moderate devaluation between July 1997 and January 1998. No significant devaluations took place in China, which has remained relatively insulated from world financial markets, and Hong Kong, which maintained a currency board linked to the U.S. dollar.

Peter Harrold

Abstract

There are several reasons why the “Budgetary Approach to Adjustment Support” as outlined in this seminar by Mr. Ireton makes sense.

Abdoulaye Bio-Tchané

Abstract

We have already found one concrete way for the IMF to support NEPAD: bring together the people who will make it work—the politicians and officials who can encourage, design, and implement open, poverty-reducing, growth-oriented, and equitable policies—with the technicians who can provide advice, research the evidence, and help to monitor the processes. The discussions in this seminar are also showing what NEPAD can achieve: sharing of ideas; honest appraisal of goals, approaches, and relative successes; and a calling to account for past promises and aspirations.

Isaac Aluko-Olokun

Abstract

The New Partnership for Africa’s Development (NEPAD) represents Africa’s response to UN Secretary-General Kofi Annan’s call at the Millennium Summit for a higher priority to achieve “the twin goals of freedom from want and freedom from fear.” It addresses both the issues of security and stability and the issues of socioeconomic development. It is premised on the idea “no peace without development, no development without peace.”

Mr. David T. Coe and Mr. Se-Jik Kim

Abstract

Over the three years since the crisis broke out in 1997, the five Asian countries—Indonesia, Korea, Thailand, Malaysia, and Philippines—managed impressive recoveries. The recoveries were faster than expected by anyone. The economies started to bottom out in the second half of 1998. The rebound of growth in 1999 was no less drastic than its free-fall. In Korea, for example, the growth rates showed a turnaround from −6.7 percent in 1998 to 10.7 percent in 1999.

Michael G. Kuhn

Abstract

The debt strategy has been successful in resolving the global debt crisis. Almost all of the major debtor countries have put their external debt problems behind them. They have regained access to normal international capital flows, and have returned to healthy rates of economic growth.

Théophile N’Doli Ahoua

Abstract

Most of the world’s developing countries have used external indebtedness to finance their development. Today, this indebtedness is the main obstacle to the economic growth of these countries as a whole, and of sub-Saharan Africa, in particular.