G-20 will now make global economic decisions

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Tristan

26 September, 2009

Indian PM Manmohan Singh, has welcomed the new direction of the G-20 to become the premier forum for world affairs. He applauded the increasing role of both developing countries and Asia in making global economic decisions.

PRIME MINISTER Manmohan Singh has stated that the G-20 reflects the rise of Asia as a continent in global politics. He welcomed the decision to turn the Group of 20 nations as the premier forum for global economic decisions, further saying that the stand of rapidly growing developing countries like India, China and Brazil have to be taken into account for optimum impact.

"With the rise of Asia fuelled by the growth of India, China and Brazil, the economic decision making has to take into account the views of these countries if it is to have an optimum impact," Singh said at the post summit news conference. The prime minister also stated the the "esteemed" Group of Eight was "ill-equipped" to handle all global issues.

"Interdependence in a globalised world means that no country, however powerful it may be, can take on the entire burden of economic adjustment and decision making," he said. "It is that perception and that reality which has, I think, persuaded many people in Europe and the United States that G8 is ill-equipped to handle all the global issues," he said.

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The recently concluded G-20 summit consisting of the world's top economies, reflecting about 90 per cent of global economic output, has reached a unanimous direction to make the group the premier and quintessential forum for decisions affecting the world economy, that will probably end up eclipsing the G8.

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