There is mounting evidence that import substitution curtails economic growth in the long term and holds back progress. Import substitution is an economic policy that advocates replacing imports with local products. A near perfect example was seen in India, where the Licence Raj kept economic growth in India low until the economy was opened up gradually from 1991 by then Finance Minister Manmohan Singh. Today, India is the fastest-growing large economy in the world.
Central banks around the world are gradually shifting away from the dollar. OMFIF’s Global Public Investor 2023 report finds important regional divergences in this trend.
James Murray, UK shadow financial secretary, explores the key priorities of the shadow Treasury, including ‘secureonomics’ and the UK’s trade relationship with the European Union.
Simone Utermarck, director, sustainable finance, International Capital Market Association, joins OMFIF’s Emma McGarthy to discuss updated ICMA’s guidance on climate transition finance, transition bond issuances and greenwashing concerns.
The role of reserve managers has never been so challenging. The 10th edition of the report explores the pressing considerations and intentions of reserve managers with analysis split across six chapters.
