Sustaining development in Small States in a turbulent global economy - Summary report of July 2009 international conference

The Commonwealth Secretariat, an international organisation providing technical assistance, advice and policy development to the 54 member states of the Commonwealth, convened an international conference entitled ‘Sustaining Development in Small States in a Turbulent Global Economy’ between 6 and 7 July 2009. The conference explored the impact of the current global financial crisis and economic downturn on the association’s small states. With limited sources of capital and access to the global trading system, small states, with populations of no more than 1.5 million, face special development challenges which make them especially vulnerable. Recovery from the crisis for these countries, which make up 60 per cent of the Commonwealth’s membership, may take far longer in comparison with larger, more resilient and better resourced states.

Over two days in London, United Kingdom, the conference examined the impact of the global recession and the ways in which small states are attempting to overcome
its effects. The meeting looked at variations in the impact of the crisis across different regions, the responses implemented to-date, and progress towards achieving
internationally agreed United Nations Millennium Development Goals.

Delegates included representatives from finance ministries and central banks in Commonwealth small states, London-based Commonwealth High Commissions,
representatives of the donor community, international and regional organisations, and academic experts from universities in small states. The conference sought to identify the most appropriate responses in monetary and fiscal policy, green policy, social policy as well as the regional and international partnerships best oriented to assist small states in dealing with the crisis, and beyond.