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Growing role of G20 shows importance of India, China: US

The Obama administration said rather than resort to beggar-thy-neighbour policies, this crisis has been characterised by international policy coordination.

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The emergence of G-20 in a central coordinating role in the current global economic crisis shows the growing importance of key emerging economies like India and China, the US administration said today.

"Given the central role the G-20 had played in the response to the crisis, it is not surprising that the leaders agreed in Pittsburgh to make the G-20 the premier forum for their economic coordination," the Obama administration told the Congress.

"This shift reflects the growing importance of key emerging economies such as India and China — a shift that was reinforced by the agreement in Pittsburgh to realign quota shares and voting weights in the IMF and World Bank to better reflect shifts in the global economy," the White House said in its 'The Economic Report of the President' to the US  Congress.

The Obama administration said rather than resort to beggar-thy-neighbour policies, this crisis has been characterised by international policy coordination.

The report said the national policies did not take place in a vacuum, to the contrary, nations used a number of international institutions to coordinate and communicate their rescue efforts.

The G-20, which includes 19 nations plus the European Union, was the locus of much of the coordination on trade policy, financial policy, and crisis response.     

Its membership is composed of most of the world’s largest economies—both advanced and emerging—and makes up nearly 90% of world gross national product.

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