The Wall Street Journal quotes CGD president Nancy Birdsall on the recent drop in commodity prices.
From the article:
"Now, there is an emerging consensus that rising inflation is 'gone, it's over,' at least in Asia, says Tim Condon, an economist at ING in Singapore. If the trend holds, it means less pressure on central-bank governors to raise interest rates -- a move that would have slowed economic growth further. Lower commodity prices also mean lower import bills for developing countries and smaller outlays for subsidies to shield consumers from expensive food and fuel. Less-pricey oil and metals are also good news for corporate profits.
The recent drop in commodity prices is 'an unambiguous positive' for the world, 'especially in the developing countries,' says Nancy Birdsall, president of the Center for Global Development, a think tank in Washington."
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