In particular, China and India recorded high growth rates in 2009 and are expected to record similar growth in 2010. As is the case in most developed and developing economies worldwide, it is the business/private sector that will drive these growth prospects. Having said that, indigenous businesses play an important and crucial role in the development of their economies.
The importance of regional and international banks in our economies also poses risks unless we can put in place effective systems of consolidated supervision and mechanisms for resolving cross border banks in the event of a financial crisis, in a manner which avoids systemic disruption. We will hear a presentation on financial stability by officials of the IMF late this morning.