Narodowy Bank Polski

World Economic Forum on Middle East

Between 15-17 May 2009 Sławomir Skrzypek, Governor of the National Bank of Poland took part in the World Economic Forum on Middle East in Jordan. During the Forum world's leading economists, financiers and policymakers discussed current economic developments, including the effects of stabilization programs to fight economic crisis. The topics also covered improvements in global cooperation and governance, measures for increasing the robustness of the financial system, and ways of restoring confidence and redesigning regulatory oversight without hampering the market mechanism. As the conference was hosted by Jordan, prospects for oil and other commodities' prices were also addressed.

Governor Skrzypek held a number of bilateral meetings with prominent policymakers, economists and officials from leading financial and business institutions from the region. In particular, he met two most important persons in the Jordanian financial system, dr Umayya Toukan, the Governor of the Bank of Jordan, H.E. Bassem Khalil Al-Salem, the Ministry of Finance of Jordan, Ziad Fariz, the Chairman of the First Investment Group and the former Chairman of the Bank of Jordan. The Governor Skrzypek also met prof. Klaus Schwab, the Executive Chairman and the Founder of the World Economic Forum.

Some discussants noted with approval that investors were finally beginning to differentiate between particular emerging market economies, which may also be supported by the recent diversification of IMF programs towards developing countries.

It was stressed that some problems which had been anticipated to hit emerging markets - e.g. related to rolling over of foreign debt - were not materializing and that some earlier warnings might have been exaggerated. Governor Skrzypek stressed that the first tentative signs of economic improvement in Europe are visible, however the economic outlook remains highly uncertain. Against this background Poland is well positioned among the countries with a relatively mild downturn and headed for a quick recovery.

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