Since I have touched on the global financial crisis, let me begin by giving you an overview of the global economic conditions. In line with today’s theme, I’m sure all of us will remember that not long ago the global economy was “on the edge”. However, after much concerted efforts and policy support, the global economy has managed to turn this situation around.
The world economy is improving and according to the International Monetary Fund (IMF), the global economy is expected to grow by 4.2 percent this year, following a contraction of 0.6% in 2009. Last year’s performance of the global economy is actually regarded as the worst since the Great Depression of the 1930s.