A Hamilton Project Discussion with the Commission on Growth & Development

Monday, April 14, 2008,

The National Press Club

Since 1950, only 12 countries have managed to grow at rates in excess of 7 percent for 25 years or more. Many more countries-in places as diverse as Latin America, Africa, and the Middle East-have managed high growth rates for shorter periods, only to see that growth falter.  What have we learned about what drives growth? What hinders it? What should countries do to achieve a marked improvement in living standards?  And, finally, how have the waves of financial crisis during the past 15 years (starting with Mexico in 1994) impacted opportunities for growth?

On April 14, The Hamilton Project at Brookings and the Commission on Growth & Development jointly hosted a discussion on these and other questions on the role economic growth in reducing poverty in developing nations.  Special attention was given to the impacts of recent financial market turmoil on global development. Former U.S. Treasury Secretary Robert E. Rubin, a member of the Hamilton Project Advisory Council and the Growth Commission, gave welcoming remarks. Nobel Laureate A. Michael Spence, chair of the Growth Commission, provided an overview of a new paper he co-authored with Mohamed A. El-Erian, "Growth Strategies and Dynamics:  Insights from Country Experiences." The paper examines the challenges faced by developing countries in promoting and sustaining economic growth, using China and India as case studies. A panel of Hamilton Project and Growth Commission experts discussed those growth challenges and proposed policy responses to help developing nations move forward in this era of global uncertainty.   

Welcome: Robert E. Rubin, Citigroup Inc.; former U.S. Citigroup Inc.; former U.S. Treasury Secretary

Opening Remarks:  A. Michael Spence, Growth Commission Chair, Nobel Laureate in Economics

Roundtable Discussion

Moderator: Lael Brainard, Vice President and Director, Global Economy and Development, The Brookings Institution

 Panelists:

Robert E. Rubin, Citigroup Inc.; former U.S. Citigroup Inc.; former U.S. Treasury Secretary

A. Michael Spence, Growth Commission Chair, Nobel Laureate in Economics

Han Duck-soo, former Prime Minister of the Republic of Korea

Lawrence A. Summers, Harvard University; former U.S. Treasury Secretary

Danny Leipziger, Growth Commission Vice-Chair; Vice President, World Bank

Detailed information on the event, including video and transcript is available on the Hamilton Project website.