Corruption still holds emerging markets back

Tuesday, September 26, 2006

The development of emerging market economies continues to be held back by corruption and poor governance in spite of their increasing influence on the global stage and growing foreign direct investment in other countries.

That was the most striking message from a two-day meeting of current and former central bankers, development experts, finance ministers, investors, and presidents of countries such as Brazil, India, and Tanzania.

Chaired by Michel Camdessus, the former International Monetary Fund managing director, and Fidel Ramos, ex-president of the Philippines, the roving Emerging Markets Forum is seeking to place itself as a Davos for emerging markets.

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Source: Financial Times (link opens in a new window)