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PIA Press Release

World's current economic woes up in St. Petersburg Economic Forum

Manila (4 June) -- All the world's current economic ills, insights on how to fix them or avoid making them worse, are on the table during the three-day St. Petersburg International Economic Forum 2009 which opens in St. Petersburg, the historic capital of the former Russian empire today.

The issues range from how the global economy plunged into the worst crisis in years, how to climb out of the pit, to how to avoid falling back into the hole in the future.

President Gloria Macapagal-Arroyo, who arrived in St. Petersburg today (Thursday) via Moscow will be one of the five-member panel of eminent world leaders at the first plenary session of the forum at the sprawling Lenexpo Pavilion.

The four other panelists are Russia President Dmitry Medvedev, Japanese Prime Minister Junichiro Koizumi, former German Chancellor Gerhard Schroeder and Noble Price laureate in economic science, Dr. Roberto Mundell, who is also a professor of economics of Columbia University.

The plenary meeting on "Global economic crisis; first lessons and leading the way forward," keys off a fast-placed analysis and in-depth discussions of the wide-ranging ramifications of the economic turmoil, its causes and effects by world-renowned authorities on the global economy, including Nouriel Roubini, the economics professor of Stern School of Business, and chairman of RGE Monitor, New York who predicted the present economic slump.

Oil, whose prices impact heavily on consumer products and a whole range of other items, tops the list of issues to be discussed on Day 2 of the St. Petersburg forum. Specifically, the discussion on oil-related issues will center on the "global role of energy resources, the structure of demand and demand forecasts, and the potential for development of energy sources."

Leading the discussions on oil issues are chief executive officers (CEOs) and other top executives of different energy-related conglomerates, management groups, research bodies and agencies.

Another issue is how governments are taking the lead in stabilizing the economic situation. This, and other questions beg for concrete answers as part of the global quest for the most efficient monetary and fiscal policies.

"What forms should government investment and debate around nationalization take? How can public-private partnership effectively replace direct state interference?" These are the overriding questions that the panel on "Anti-crisis programs: Scale and limits of government intervention in the context of market economy" will seek to answer in the opening day session of the St. Petersburg forum. (PIA) [top]

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