In March, Columbia University's Committee on Global Thoughts hosted Justin Yifu Lin as part of an afternoon series of lectures entitled "The Continuing Financial Crisis: Perspectives from the North and South." Mr. Lin's presentation focused on the fragile nature of the global recovery and the lessons and opportunities the economic calamity presents. Mr. Lin outlined three main points: the development of the economic recovery, ongoing government stimulus efforts and the need for global cooperation. In his introduction, Mr. Lin touched on each point, noting, "The recovery is quite fragile. We need to continue some type of government stimulus [and] look beyond the conventional wisdom of Keynesian stimulus. And, we need to establish global cooperation, which may turn the crisis into an opportunity for increased global coordination and a sustainable globalization."

Justin Yifu Lin is World Bank Chief Economist and Senior Vice President of Development Economics. He was previously Professor of Economics and Founding Director of the China Centre for Economic Research (CCER) at Peking University. Mr. Lin holds a PhD in economics from the University of Chicago and has authored numerous books and articles.

To highlight the fragility of the economic recovery, Mr. Lin noted that according to his forecasts, global GDP contracted 2.2 percent last year and will likely grow a paltry 2.7 percent this year, not nearly the "V-shaped" bounce many were hoping for in the developed world. Similarly, global trade flows fell roughly 14 percent in 2009, and Mr. Lin's forecasts call for only a 6 percent to 7 percent correction this year. Also of note, Mr. Lin stressed that much of the strength behind even these weak growth figures in 2010 is centered in developing economies, particularly in Asia.