Chart of the Week: Access to Banking Services

By iMFdirect

Version in: Français (French), and Español (Spanish)

Did you know that while many people in advanced economies have multiple bank accounts, there are barely two bank accounts for every ten people in low-income economies? Access to financial services is essential to spread the fruits of economic growth to all, not just to the fortunate few.  (more…)

Asia’s Seismic Shift: How Can the Financial Sector Serve Better?

Min ZhuBy Min Zhu

(Versions in  中文Español)

Asia is set to be the powerhouse for growth in the next decade, just as it was in the last one. The size of its economy is expected to expand more rapidly than the other regions of the world, and its share in the world output is expected to rise from 30 percent to more than 40 percent in the coming decade. The structure of the economy is expected to continue to transform from a narrower manufacturing hub to a group of vibrant, diverse and large markets with a rising middle-class population.

The role of the financial sector is critical in the success of this seismic transformation. Let me explain by focusing on three areas:

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The MENA Jobs and Growth Challenge: How Can Finance Help?

Most policymakers in the Middle East and North Africa agree that stronger economic growth is a crucial component of any strategy to address the region’s persistently high levels of unemployment and raise its living standards. One question that arises is: What role can the financial sector play? It is well known that a dynamic and vibrant financial sector will improve economic outcomes for a country, leading to faster and more equitable economic growth. The key to answering this question, therefore, is to look to the past and examine how the financial sector has contributed historically to growth in the region. Unfortunately, the experience in the Middle East and North Africa has not been as successful as in other regions. How, then, can policymakers in the region enhance the financial system’s contribution to growth?

Tipping the Scales—Rebalancing Growth in Asia

The center of global economic growth is moving from the West to Asia. Over the last 30 years, the Asian economy has grown by over 7 percent each year, doubling in size every decade. This success has been based in large part on outward-oriented growth strategies. But, there is growing awareness that Asia’s export-led growth needs to be balanced by a second engine of growth. How to achieve this rebalancing is a key theme of a new book from the IMF, launched in Hong Kong, on Rebalancing Growth in Asia—Economic Dimensions for China.

By | April 29th, 2011|Asia, Economic Crisis, Economic outlook, Emerging Markets, International Monetary Fund|Comments Off on Tipping the Scales—Rebalancing Growth in Asia
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