The writer is chair of Rockefeller International Emerging world powerhouses such as India and Indonesia weathered the turbulence of recent years in solid shape and are widely recognised for their success. Now many of the emerging world’s most troubled economies are reforming their way towards recovery as well, and markets are starting to reward them for it. They include most prominently Turkey, Argentina, Egypt, Nigeria and Kenya, and they carry some weight.
His regime took steps to lower the deficit by cutting spending on new mega projects. It moved to stabilise the pound, raising interest rates to beat inflation and allowing its value to float freely, leaving black marketeers no reason for being. If this sounds like Washington consensus orthodoxy, it is. Egypt is reforming in part to meet conditions for relief from champions of the consensus, including the IMF and World Bank.
Source: Financial Digest (financialdigest.net)
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