More than the specific figures in the projections, what matters most is knowing the direction and intensity of the forces driving current dynamics, so we may better identify and gauge the pressing measures needed. The forecasts published by international institutions in recent weeks show that we face a severe global recession. Earlier this month, on 13 March, the International Monetary Fund published for the first time a negative growth rate for the world economy of between 0.5 and 1 pp for this year. A moderate recovery is estimated for 2010, but one still far below what we thought the growth potential trajectory was. Unfortunately, for several months now, each new projection has habitually entailed a notable downward correction on the projection immediately preceding it. It would therefore not be unusual, once the IMF updates its world macroeconomic outlook in a few weeks, that the resulting forecasts should have worsened on those published this month. The outlook for the euro area does not differ substantially from what the IMF anticipates for the developed economies. Early in the month the European Central Bank released what are still the latest projections for the area as a whole, placing growth at between -3.2% and -2.2% for the current year and between -0.7% and 0.7% for 2010. As for Spain, next Friday, repeating an initiative first launched two years back, we shall publish our projections for 2009 and 2010. I shall leave the specific figures for Friday’s release.
The programme offers wide ranging topics for Islamic finance and caters to the needs of a group of central bankers, regulators and Government officials. We wish to thank the Central Bank of the Republic of Turkey for their support for making this training initiative possible. Before I end my remarks, I would like to take this opportunity to re-emphasise our commitment to strengthen strategic collaboration with Turkey. With me is a delegation of the Malaysian financial institutions, investment institutions and professional firms ready to explore, engage and leverage on each other’s market opportunities. There is much that can be done by both sides to jointly explore and realise the potential for mutual benefits. I strongly believe that today’s event will end on a positive note, with both Turkish and Malaysian delegation able to identify on the next steps. It is our fervent hope that the business and financial community of both countries would establish regular contacts to further strengthen collaborative network and to follow through on some of the understandings reached today. I take this opportunity to offer for the next follow meeting or seminar to be held in Malaysia. It is always useful to see first-hand the opportunities and prospect that Malaysia has to offer. I wish to thank you all for your participation in making this event a success and to His Excellency Tun Dr. Mahathir Mohamad and the panel of speakers for the ideas, pointers and suggestions that you would share to make this event a successful one.