Last but not least, underlying vulnerabilities remain among some large emerging market economies, with high corporate debt, weak bank balance sheets, and thin policy buffers, implying that these economies are still exposed to tighter global financial conditions, capital flow reversals, and the implications of sharp depreciations, especially as a result of an unprecedented strength of the US dollar.
I must also hasten to add that while globalization is being portrayed as good for the world, it is also true that in itself globalization will not benefit those countries that are not prepared to take advantage of the new system. In order to benefit from a globalised economy, I do recognize three issues that are of critical importance.