Ladies and Gentlemen, At the outset, I would like to thank MFIN for inviting me to this event. In an earlier speech1 last year in October, I had highlighted some of the aspects typical to the borrowers and lenders in the microfinance sector. These related to over indebtedness of the borrowers, pricing of microfinance loans besides conduct related issues.
At the global level, trade penetration rose steadily from the early 1990s through to the collapse in trade after the global financial crisis in 2007–08. There was a recovery in trade penetration after the ensuing global recession, but since 2010 total trade has been flat or even declining slightly in importance to global GDP.