Narodowy Bank Polski

Sławomir Skrzypek on the World Economic Forum in Rio de Janeiro

On 14-16 April 2009, Sławomir Skrzypek, the Governor of the National Bank of Poland took part in the World Economic Forum on Latin America in Rio de Janeiro. The Forum's main focus was on the implications of the global economic crisis for Latin America and other emerging economies. Governor Skrzypek took the opportunity of meeting world's leading economists, financiers and policymakers to discuss the problem of managing the economic slowdown amid the most severe global recession since decades. The topics covered included also the extent to which financial institutions have been affected by the crisis, the means of reviving credit and restoring trust in the financial markets, the most effective ways of attracting long-term investment and ways of preventing trade barriers and protectionism. While addressing current developments Governor Skrzypek emphasized the relatively favourable condition and prospects of the Polish economy, both in terms of economic growth and external sustainability. This makes Poland now a good place to invest, which will bring special benefits after the global slowdown is over.

The discussants generally agreed that since particular economies differ significantly in terms of macroeconomic and financial performance, their assessment should be to a larger extent based on their individual characteristics and not their regional association. It was stressed that for countries with relatively strong fundamentals, the main challenge of managing the crisis is to counter the regional contagion effects and adverse investors' sentiment. Looking beyond the current crisis, participants of the Forum also exchanged views on the future directions in which the economic order is likely evolve in the years to come.

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