The 2015 Annual meetings of the World Bank Group and International Monetary Fund took place in Peru last weekend from October 9th to 11th 2015. Christine Lagarde, managing director of the IMF, has stressed the need for increased international cooperation between policymakers, stating that they need to work together to reinvigorate growth and tackle common global challenges.
In a previous speech in China, Lagarde had suggested that all countries need to undergo greater structural reform, which involves a policy mix of public investment in vital infrastructure, increased trade liberalisation, and reforms in education, health, social safety nets and labour/product markets. She points to IMF studies that demonstrate access to education is linked to sustainable growth.
Legarde has further pointed out that ‘rapid growth in the emerging economies has been critical to sustain the global economy’. It is here that we may turn our attention to the role of tertiary education in creating innovative and prosperous environments, which both attracts and sustains global talent, employment opportunities and economic growth. Furthermore, HEIs’ investment in internationalisation through increasing mobility and partnerships will ultimately play a role in informing policymakers through evidence-based new research and recommendations, which again may play a major role towards developing a healthy economy.
Higher Education has the potential to help contribute to Lagarde’s call for increased international cooperation and can also help towards tackling common global challenges. Ensuring that we are actively involved in our local, regional, national and international political environment is a key and critical step ensuring that we deliver a positive contribution to governance.