How to recover from the global economic crisis was the main focus of a gathering of heads of state andgovernments, policymakers and business leaders from 80 developing countries in the Moroccan city of Tangiers.
The MEDays Forum also considered how to prevent the boom and bust cycle of crisis and growth, that so many countries in Africa, Latin America and Asia experience.
Jean Herve Lorenzi, the head of the French think tank ‘Le cercle des économistes français’ said: “It’s not correct to talk about there being a crisis in emerging countries right now as there is, in fact, very strong growth, and that’s a positive factor in the world economy.”
The crisis hit different countries in different ways, and they are recovering at different speeds.
The so-called BRIC nations – Brazil, Russia, India and China – have bounced back best; eastern European and southern Mediterranean countries less so.
But the Vice-President of the European Parliament is optimistic. Rodi Kratsa said: “I think that the crisis should motivate us to look at things in new ways, I’m sure we’ll do that.”
One conclusion of the Morocco gathering was that slumping demand in the US and Europe can benefit southern hemisphere countries if they take advantage of the greater opportunities that are presented for trade and investment in their parts of the global economy.