Posts Tagged ‘G20’

World Leaders Share The Wealth… And The Responsibility

Friday, October 2nd, 2009

Group of 8 nations made the mess, so why are 12 poorer countries so eager to help them clean up?

  • In an effort to diversify the group and include the perspectives of increasingly powerful economies like those of India and China, the Group of 7 (recently a Group of 8) has decided to permanently expand to become the Group of 20.
  • The financial crisis made it clear that global economic decision-making power could not be concentrated in the hands of a small group of relatively similar, largely Western economies.
  • It’s not clear whether the new, larger economic forum will actually address issues of concern to the less wealthy new members (notably around international trade issues), or continue to focus on the crises and economic issues most relevant to the “old boys’ club.”

Facts & Figures

  • The Group of 7 was comprised of the United States, Britain, Canada, France, Germany, Italy and Japan for more than 30 years. The addition of Russia in the 1990s made it a Group of 8.
  • The new Group of 20 is actually made up of 19 countries plus the European Union.
  • Besides the EU, the new member nations are: Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea, and Turkey.

Best Quote

“Leaders of the G-20 nations have an opportunity to clarify that legitimate government actions, like trade enforcement, are not acts of protectionism.” – Sherrod Brown, Democratic Ohio Senator

The Recession Might Be Over For US, But Not For Those Who Didn’t Cause It

Thursday, September 24th, 2009

The recession hit hard here in the U.S., but people in poor countries are really out of luck.

  • More and more people are being pushed into extreme poverty by the global recession, and the World Bank is asking the 20 largest countries to lend a hand.
  • Poor countries that didn’t have a hand in creating the global recession are being hit really hard. They are often forced to cut funding for vital programs in education, health care, and basic infrastructure.
  • To build a more sustainable future, the World Bank is pressing for global economic growth to be less dependent on U.S. consumer spending and for less-developed nations to play a more significant role. But to do so, they need aid and access to financing.

Facts and Figures

  • The Group of 20 meeting is scheduled for this week with the goal of evaluating the state of the world economy.
  • By 2010, the recession will have pushed 89 million people into extreme poverty.
  • Last year the top eight economies pledged to give $20 billion in agricultural aid to poor countries, but these pledges haven’t been entirely fulfilled.

Best Quote

“The April summit was for the financial sector, this summit needs to be for responsible globalization.” – Robert B. Zoellick, President of the World Bank Group