Inaugural Address

Excellencies, Ladies and Gentlemen: The 17th Annual GeneralMeeting of the Pakistan Society of Development Economists (PSDE) istaking place at a critical juncture of our economic history. The eventsof September 11 have changed the complexion of the global economy.Global economic prospects appear grim, at least, in the short-run.Developed and developing countries are witnessing their economic growthreduced or even turned negative owing to the slowdown in the globaleconomy. Growth in international trade during 2001 may undergo one ofthe severest deceleration in modern times. As 2001 closed and a new yearbegan some two weeks ago, the global economy is now balancedprecariously between recession and recovery. Although the full impact ofSeptember 11 events is still to realised and evaluated, it hasnevertheless, unleashed new and unpredictable forces that havesubstantially raised the risk of global downturn. Being the part of theglobal economy and that it has placed itself at the epicentre of globalevents, Pakistan has once again been thrust into the role of a frontline state. Whatever happens to the global economy is bound to createtemporary difficulties for Pakistan’s economy as well. But at the sametime, Pakistan is also witnessing the openings of several opportunitiesto strengthen its economy. The challenge before us is two fold: how tominimise the loss caused by the temporary difficulties and how toposition ourselves to translate the openings of opportunities into realgains for the country.