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Global economic gurus present 2013 economic outlook
WKF2012 | 2012.09.17 | File : -

(Clockwise from top) Paul Krugman,
Nouriel Roubini, Barry Eichengreen,
Tyler Cowen, Dominique Strauss-Kahn


As the global economy remains bogged down by the ongoing european fiscal fiasco, which does not seem to be resolved in the near-term, the most impending issue of global leaders is how to bring the world economy on the right track. Under this background, the 13th World Knowledge Forum has invited the world’s luminous figures in the scope of economics to hear their views on the global economic outlook.

Paul Krugman, Nobel-prize winning economist and Professor of Economics and International Affairs at Princeton University who gained his fame as a key tycoon in economics, will be making his visit to Korea to grace the occasion with his presence. Krugman was engaged in the face-to-face panel session with Professor Niall Ferguson from Harvard University at the 2010’s WKF, where he discussed the G3 risk - US financial crisis, Europe’s sovereign debt crisis and China’s contraction. At this year’s WKF, he will be once again gaining our focus by delivering his solo speech titled “How can we end this depression?” This speech will take place on Wednesday, October 10th from 08:00 - 08:50 at Vista Hall. He predicted the crisis of Asia back in 1997 and warned the fall of dollar value in 1998. Now he asserts that Europe may be in more serious danger unless there are enough measures putting into the wounds. “I think that the die was cast and the whole thing was pretty much fated from the moment the Maastricht Treaty was signed in 1992. Practically the entire European elite wanted that. There’s no one person who said: ‘Full speed ahead let’s do this`. Maybe the original sin goes all the way back to the European Coal and Steel Community. It was something that kind of had to happen.” he revealed his views on who is to be responsible for the eurozone crisis in an interview with the Independent.

Nouriel Roubini, Professor of Economics and International Business at New York University’s Stern School of Business, who enlightened the 2010’s WKF by providing directions for the global stock market in 2011, will visit the WKF once again this year. In his solo speech entitled ‘Will there be a `Perfect Storm?’ on Thursday, October 11th from 13:30 - 14:50 at Mugunghwa Hall 1, Roubini, dubbed as “Dr. Doom”, will deliver his bearish views on the global economy and its risks. He has given us warning on the possibilities of several nations’ exit from the eurozone, faltering US economic growth rate with collapsing bubble, and slow down of emerging markets’ economic growth rate. In addition to this, he unveiled another doomsday prediction that if there happens to occur a war between US-Israel allied forces and Iran, the world economy is necessarily fall into the great crisis. He names to this as `Perfect Storm`, which multiplies several gusts into the big squall. He talked about this in the interview with Bloomberg Businessweek in August that the world would face perfect storm with the 35 percent possibility in 2013. Roubini, dubbed as “Dr. Doom”, revealed a 12-step downturn scenario consisting of the subprime mortgage crisis triggered by the recession in the housing market in 2006. As the subprime mortgage crisis became reality, Roubini earned an international reputation.

Barry Eichengreen, Professor of Economics and Professor of Political Science at the UC Berkeley, will give his solo speech under the theme of ‘Korea, Build a New Model’ on Thursday, October 11th from 15:10 - 16:40 at Mugunghwa Hall 1. In this session, Eichengreen plans to new models for the future of the Korean economy. "Korea followed up after the success stories of Japan and the US. But it has to find its new model and approaches now." Professor Barry Eichengreen, noted in the interview with Maeil Business Newspaper. “The growth of Korea had been sustained by the close cooperation between the government and private sectors, which cannot be the engine for the future growth anymore.” He emphasized that success of Korea will happen when it pursues the innovation of large conglomerates and public regulations. He took the service industry of Korea for example. With low productivity and with high regulations, the service sector of Korea will have to find ingenious solutions for development.

Over in the eurozone, the troika of the EU (European Union), IMF (International Monetary Fund) and ECB (European Central Bank) has been credited with their remarkable role in weathering through the eurozone crisis. However, questions are raised over their leadership amid the prolonged eurozone crisis. The former adviser to the IMF`s European Department added fuel to this issue by pouring scorn on its tainted leadership and said he is ashamed to have worked there in his resignation letter to the IMF. Dominique Strauss-Kahn, Former Managing Director, IMF, will be delivering clear-cut solutions on this leadership issue in his solo speech. He has committed the global lenders deeply to rescuing heavily indebted European countries clientele. When the global finance crisis struck in 2007 to 2008, he campaigned for bold stimulus spending to avoid another Great Depression and reinvented the IMF as a more socially conscious financial fire brigade, seeking to avoid what he saw as errors committed in Latin America and Asia in the 1980s and 1990s. He is also praised for his stewardship in weathering thorough the 2010 eurozone crisis.

Tyler Cowen, Holbert C. Harris Professor of Economics at George Mason University and
also Director of the Mercatus Center, will be also making his visit to the WKF at the insightful session titled ‘Economic Outlook 2013’ on Wednesday, October 9th from 10:50 to 12:00 at Vista Hall during which he will represent the advocate to the thought that the world now faces the era of slow growth.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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