Address to the Board of Governors by Mr. Lewis T. Preston, Washington D.C., September 22, 1992
Water and Sanitation Program : field note
This document records the address made by Lewis T. Preston to the Board of Governors at the 1992 Annual Meetings. In his speech, Mr. Preston, among other themes, expressed his concern that the output for the world economy in 1991 was one of the lowest in any recent year since the Second World War. Trade barriers are on the rise in much of the industrialized world while aid flows are stagnant. Also, living standards in the developing world have declined for three years in a row. What can be done to reverse this situation? Continued policy reform is the answer. Reforms are difficult and take time to show results. To maintain the momentum of reform in this generation, we must focus on two critical challenges. First, promote environmentally and sustainable development for poverty alleviation. Second, helping the formerly centrally planned economies make the transition to modern, market -based systems. Mr. Preston concludes his speed by making an emphasis on, now that the Cold War is over, domestic economies problems preoccupy angry electorates, trade restriction are growing, and the economies of the former Soviet Union, and of the world's poorest nations, are declining. The spirit of Bretton Woods must prevail.
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