The Interconnected World is a film in four parts about the International Monetary Fund and the global economic crisis.
We need better multilateral governance. And if we don’t get it, our children and our grandchildren are going to pay the cost of that. — Mohamed El-Erian, CEO of PIMCO
The four videos discuss how the world economic order is being shaped by the global crisis, the rise of Asia and the implications for the rest of the world, how the discovery of oil is affecting a low-income country in Africa, and the transition of a country in Eastern Europe from communism to a market economy and membership of the European Union.
The IMF was established to foster economic stability and promote peace following the devastation of World War II. This global financial institution has been undergoing rapid change to meet the challenges of the 21st century, and played a vital role in helping countries deal with the international crisis.
China: The Road to Sustainable Growth
China has undergone a breathtaking economic and social transformation during the past three decades. Even though the global economic crisis put a dent in exports, a massive government stimulus cushioned the Chinese economy from the worst of the downturn. Through spending on roads, infrastructure, and health, the government supported the country's economic output, helping the country sustain its growth rate.
Yet many challenges still lie ahead on the road to prosperity. For instance, China needs to boost domestic consumption and create a stronger social safety net for its 1.3 billion people.
China has grown about 9½ percent on average every year for 30 years, and that implies that the Chinese economy doubles in size about every 8 years. — Linda Yueh, Oxford University