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Julius Baer economist stresses need to learn lessons from past

Chief economist at Swiss bank told attendees at the Julius Baer Investment Conference held in Nassau this week that growth lies in innovation and that developed and developing economies must face challenges and learn from past mistakes. 

Friday, December 2, 2011
Friday, December 2, 2011

Both emerging and developed economies could achieve sustainable growth in the face of market uncertainty if they focus on growth factors and learn from mistakes made during the recent financial crisis, according to a top analyst at Julius Baer.

Chief economist at the Swiss bank Janwillem Acket told attendees at the Julius Baer Investment Conference Wednesday that developed countries needed to learn from the recent financial crisis and focus on their strengths.

“We are going to get back to some more healthy patterns, if we learn the lessons of the past the right way and realize our ability to foster sustainable growth,” he said.

“The world in 10-20 years time need not be a problem. It could be a very beneficial place for both the emerging markets and the developed economies.”

At the event, held at Atlantis Paradise Island and titled “Succeed in a Changing World–Where will we Find Growth?”, Acket spoke of the primary drivers of economic growth as being natural resources, demographics and productivity. “Growth is quite a complex issue, there are different lanes to success,” he explained. “The openness of the market has allowed different ways to access it.”

While countries such as China have traditionally focused on manufacturing, emerging markets such as India are looking to agriculture and services.

However, the economist warned that emerging markets face many challenges, most notably a lack of a viable framework for growth. He said developing countries need to look at their political systems, as well as investment in research and innovation. “Innovative capacity is going to be a key element in offering productivity,” he said. “The emerging economies have quite a lot to do and it will take a lot of time.”

Acket said the shifting economic landscape would be guided by those countries who respected the basic components of economic success, calling it “the race of the wise policy makers.”


Racing legend Sir Stirling Moss (pictured below) led the way as iconic motor event was relaunched in Nassau this week.

The Bahamas Oil Refining Company International Ltd (BORCO) announced at the end of last week that there has been some re-organization to its structure, reports The Freeport News. The operator of the oil storage and refining facility remains committed to expansion plans and foresees continued growth, according to a press release.

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