G20 Washington 15 December 2008
Economic strength of G-20 members
G-20 leaders will be meeting in Washington on 15th November, 2008. Present global economic and financial crisis will surely be in top of the agenda. Role of George W Bush, the US President will be crucial as America is hosting the summit.
G-20 is a group of the finance ministers and central bank governors of 19 countries: United States of America, United Kingdom, Japan, India, Canada, Brazil, China, France, Germany, Argentina, Australia, Indonesia, Italy, Mexico, Russia, Saudi Arabia, South Africa, South Korea and Turkey.
These 19 countries are G-8 plus G-11, where G-8 represents developed nations such as US, Canada and Japan. G-11 represents emerging economies like India, China and Brazil. Russia, the emerging economy is already included in G-8. The European Union is also a member, represented by the Rotating Council president and the European Central Bank.
The Managing Director of the International Monetary Fund (IMF), the President of the World Bank, the Chairmen of the International Monetary and Financial Committee and Development Committee of the World Bank and IMF are also ex-officio members of G-20.
G-20 represents around 80 per cent of the world trade, 90 per cent of global production and two-thirds of the world-population. Therefore, it has a high degree of influence over the management of the global financial system and economy. The summit will effect global economic scenario in future.
G-20 Reunion Washington
India: As a part of sollution
Dr. Man Mohan Singh, the Indian Premier is renowned as an economist and Statesman. He himself will represent India. President Bush has hosted a dinner in honor of Indian Prime Minister Dr. Man Mohan Singh and other G-20 leaders on the 14th. He and Gordon Brown, Prime Minister, UK both have a deep understanding of the current global crisis.
Both of them have proven their capabilities in the ASEM summit in Beijing, China. Chinese President Hu Jintao has assured Dr. Man Mohan Singh of co-ordination between India and China.
The finance ministers of India, China, Brazil and Russia are expected to meet in Sao Paulo before the G-20 summit. It is also expected that the BRIC countries will be in a common platform in G-20 summit.
India has repeatedly declared that it would be part of the solution. India is supposed to lay some plan on the summit. The plan may include a proposal for democratizing the IMF and the World Bank. It is expected that the plan will include environment related issues such as green house gases and carbon emissions cut.
Developing countries and International financial organizations
The world at large is not satisfied with the role of these international financial organizations in solving the current economic crisis. People think these financial organizations are puppet of rich nations and work to promote their agenda. They also believe that these financial institutes have not actually done significantly to help developing and under developed countries.
Indian Prime Minister is seen as a wise man globally and his views will certainly help the world to come out of the present crisis. But the million dollar question is: Whether developed countries will come out of their own agenda and let the emerging economies like India, China, Brazil and Russia play their role or they will pursue with their same old agenda?
Success of the G-20 summit is dependent on the attitude of developed and rich countries, especially America, the US. However, it is well known fact now that India can bail out America and rest of the world from economic crisis.
Let us be optimistic!
Please comment on this hub for sharing your views and enhancing insight. I will feel obliged.
(This article is written on November 14, 2008)
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