Robert B. Zoellick
President of World Bank (2007 - 2012)
U.S. Trade Representative (2001 - 2005)
Vice-Chairman (International) Goldman Sachs Group (2006 - 2007)
The Contemporary Global Economy Through the Eyes of Asia
1 July 2014, 5.30pm - 7.00pm
Since the global financial crisis of 2007-2008, emerging countries of Asia, led by China and India, helped to keep the global economy afloat, compensating for the sluggish performance of the US, EU and Japan. In the last couple of years, however, the growth momentum of China and India has slowed while the U.S. and the EU showed signs of recovery, albeit at a hesitant pace. Since December 2012, Japan has launched an ambitious 3-pronged revitalization program resulting in a weakened Yen and some signs of recovery.
In view of the reviving American economy accompanied by a reduction of its unemployment rate to 6.3%, the Federal Reserve has been tapering its QE program. This has led to a rise in U.S. interest rates, resulting in an outflow of funds from Asia and other emerging countries. Exchange rates in the region have tumbled, prompting fears of a financial meltdown. How should Asian countries respond to the changing global economic landscape?
Join Robert Zoellick as he shares his insights on these issues and more.
About The Speaker
Robert B. Zoellick is a Senior Fellow at the Belfer Center for Science and International Affairs at Harvard University’s Kennedy School of Government and Distinguished Visiting Fellow at the Peterson Institute for International Economics.
He served as the 11th President of the World Bank from 2007-2012. Mr Zoellick turned around an institution in trouble, recapitalized the Bank, and expanded financing for developing countries during the food, fuel, and financial crises. He modernized the Bank by making it more accountable, flexible, fast-moving, transparent, and focused on good governance and anti-corruption. He has increased representation of developing countries in governance and staffing and encouraged developing countries to set their own priorities rather than have them dictated from the Bank. His record has also been marked by an increased role for the private sector through the Bank’s International Finance Corporation, which under his leadership has boosted business, expanded equity investments, mobilized more co-investments, and recruited sovereign wealth funds and pension funds to invest in poor countries, especially in Africa.
Before his term at the Bank, Mr Zoellick served as Vice Chairman, International, of the Goldman Sachs Group as well as Managing Director and Chairman of Goldman Sachs’ Board of International Advisors from 2006-2007. Previously, he was Deputy Secretary of State in 2005-2006, where he was Chief Operating Officer and led China policy. Mr Zoellick was a member of the President’s Cabinet as U.S. Trade Representative from 2001-2005, where he revitalized America’s free trade agenda, increasing U.S. FTAs fivefold.
From 1985-1993, Zoellick served at the Treasury and State Departments in various posts, as well as White House Deputy Chief of Staff. He was the lead U.S. official in the “Two-Plus-Four” process of German unification in 1989-90 and served as the President’s “Sherpa” for the preparation of the G7/8 Economic Summits in 1991-1992.
Mr Zoellick graduated Phi Beta Kappa from Swarthmore College in 1975. He earned a J.D. magna cum laude from the Harvard Law School and a MPP from the Kennedy School of Government in 1981. He lived in Hong Kong on a fellowship in 1980.
Mr Zoellick received decorations from the German, Mexican, and Chilean governments; the Ludwig Erhard Gold Medal for Economics, the Australian-American Leadership award; the Alexander Hamilton and Distinguished Service Awards, the highest honors of the Departments of Treasury and State, respectively; the Department of Defense Medal for Distinguished Public Service; and Honorary Doctorates from RAND’s Graduate School of Public Policy and St. Joseph’s College in Rensselaer, Indiana.
Mr Zoellick grew up in Naperville, Illinois.