HD Track

The Economics of Development: What You Need to Know

Grand Ballroom

Speakers:

Dilip Ratha, Head, KNOMAD

Roger Bain, Media and Thought Leadership Manager, PYXERA Global

Swati Ghosh, Senior Director of Research, International Economic Development Council

Background:

Progress in global development comes from a wide range of different means and sources. In addition to humanitarian projects on the ground, other factors such as private sector growth, foreign direct investment, international trade, taxation, global market fluctuations, remittances, and financial aid can have an immense impact and vast implications. However, development is also one of the most hotly-debated topics in economics, with frequent disagreement over the relative scale and positive or negative influences of the aforementioned factors. This session will aim to introduce some of the major economic trends in global development, and highlight the key issues that young people need to know and be wary of to be successful in this field.

Possible Discussion Points:

May include:

  • Are current macroeconomic trends favorable to economic growth in developing countries?
  • Should there be fear of another economic crisis? If so, what might it look like, what are the likely effects for developing countries? What can be done to mitigate any risks and/or negative effects?
  • How important is the private sector to economic growth and humanitarian efforts in developing countries? How can private sector companies best partner with NGOs and the public sector for maximum impact with such efforts?
  • How effective are a foreign direct investment and other forms of international private sector activity in sparking growth?
  • What are the benefits and potential negative implications of international trade for economic growth in developing countries? Is there any merit to the current backlash against trade seen in the US?
  • How important is official development assistance in modern economies? Is it overused or underused? Are there some forms of aid that are more elective than others, and if so, which are the best?
  • What are the implications of the continued rise of Asian economies? Are there any particular implications of this change for less developed countries?
  • In 2018, more money “owed into middle and low-income countries from remittances than from FDI or ODA. Is the potential of remittances as a force for growth overlooked?
  • What are the implications of globalization for international economic management? Is the current backlash against globalization due to economic mismanagement, and what can be done better?
  • The world is seeing unprecedented intra-country income inequality, does this have global implications?