The New Normal in Asia: Will Growth Inevitably Slow?

IMF Seminar

imf seminars event

DATE: April 16, 2015

DAY: Thursday

4:30 PM - 6:00 PM

LOCATION: George Washington University, Lisner Auditorium

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While remaining the world’s growth leader, growth in Asia has begun to slow, reflecting cyclical factors from within and outside the region. A key issue is whether the recent growth pattern in Asia reflects also structural factors with implications for long run potential growth. In their recent paper Pritchett and Summers argued that China and India may grow much less rapidly than is currently anticipated as regression to the mean is the empirically most salient feature of economic growth. The speakers (Larry Summers and Raghuram Rajan) will debate whether “hitching the cart of the future global economy to the horse of the Asian giants carries substantial risks” and discuss what is needed in macroeconomic policies and structural reforms to unleash investment and productivity in Asia and help the countries navigate through the middle income trap.

The New Normal in Asia: Will Growth Inevitably Slow?


Min Zhu


Min Zhu was appointed Deputy Managing Director of the International Monetary Fund on July 26, 2011. Previously he was a Deputy Governor of the People’s Bank of China, responsible for international affairs, policy research, and credit information. He served as the Group Executive Vice President of Bank of China before joining the country’s Central Bank. He also worked at the World Bank and taught economics at both Johns Hopkins University and Fudan University. He holds a Ph.D. from Johns Hopkins University.

Moderator: Adam Posen


Adam Posen is President of the Peterson Institute for International Economics. Previously, he was an external member of the Bank of England’s Monetary Policy Committee. He has advised a number of governments, central banks, and global investors on economic challenges. He appears frequently on Bloomberg, CNBC, BBC, and NPR, and his commentary is published regularly in the world’s leading newspapers. He holds a Ph.D. from Harvard University.

Larry Summers


Lawrence H. Summers is the Charles W. Eliot University Professor and President Emeritus of Harvard University. He previously served as Secretary of the Treasury under President Clinton, Director of the National Economic Council for President Obama and Vice President of Development Economics and Chief Economist of the World Bank.

Raghuram Rajan


Raghuram Rajan has been the Governor of the Reserve Bank of India since September 2013. He was chief economic advisor to India’s Ministry of Finance during the preceding year. He was the Economic Counselor of the IMF from 2003-2007. He is a professor of finance (on leave) at the Booth School of Business at the University of Chicago. Rajan received a Ph.D. in management from the MIT in 1991 for his thesis on banking.