Patricia Francis: only inclusive growth can pull the world out of recession

Only inclusive and sustainable growth will provide a long term solution to the current economic crisis, said ITC Executive Director Patricia Francis at a business forum in Spain last night.

“This is not only an economic crisis, but also a breakdown of trust,” she said, addressing the audience of the 50th Global Alumni Reunion of the Instituto de Estudios Superiores de la Empresa (IESE), a top European business school. The reunion brought together more than 2,700 business leaders from around the world to discuss topical issues shaping the business environment and the global economic landscape. The event, “Leading the innovative firm, building stronger companies for society,” was held in Madrid 17-18 November.

Depressions in the past have been broken by creativity and innovation, so the world needs to invest in human capital in order to find a solution to today’s problems, emphasized Ms. Francis, and education must play a key role. “In the absence of the right education and job opportunities, disenfranchised youth may threaten the world order,” she said.

Ms. Francis’ fellow speakers on the panel “Next Steps for International Companies” included Ángel Cano, President and CEO of Spanish bank BBVA and ABB Board Member Hans Ulrich Maerki, who addressed the future of globalization.