ISTANBUL, Turkey: While recovery in industrialized economies has wavered, a solid recovery has been spurred in emerging markets, according to the chief economist of the Islamic Development Bank Group. In his address to the ADFIMI Development Forum in Istanbul, Turkey, Dr. Ifzal Ali said the developing Asian region is in the forefront of economic recovery driven by strong private demand, “bouyant exports and the continuing effects of stimulus measures.” “The time has come to shift focus from managing cyclical output fluctuations to ensuring medium and long-term growth,” he said in address to the ADFIMI. “Supply side structural reforms will be needed to enhance factor accumulation and productivity improvements while simultaneously, broadening the inclusiveness of growth to ensure that a significantly larger share of the citizenry participate in and benefit from growth.” The IDB Group chief economist called on the development finance sector to address the “political economy issues, including governance and institution for more cost-effective delivery of public goods and service.” “Development finance will need to assist government as provider of access and opportunities in private markets.” Before Dr Ali's speech, Murat Yalcintash, president of Istanbul Chamber of Commerce, thanked the IDB Group for its contributions to the ADFIMI Forum since its inception. Speakers from the World Bank Group, the Central Bank of the Republic of Turkey and leading financial and economic institutions from different parts of the world addressed the forum.
