G20, 2009 - UK: The Summit that can make the difference!!

G20 Summit to be held in the United Kingdom, this year, is the most watched at Summit during the on going global financial slowdown.

What is G20?

G20 is an informal forum of Finance Ministers and Central Bank Governors of 19 countries of the world. This forum had been established in 1999 with a view to balance and bring about financial stability and balance between developed and developing nations of the world. The countries which figure in the G20 list are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States of America. The Euopean Union has representations in the form of rotating council presidency and the European Central Bank. The Presidents of WorId Bank and the International Monetary Fund also form a part of the G20 Summit. If we notice, we would find that on one hand there are industrialy developed nations like US of A, UK, Canada and France, etc. and on the other we have a list of contries like India, Indonesia, Mexico, Turkey, Brazil, etc. Research on this list and we would stumble upon the existance of an objective. This objective is to bring together, important industrial and emerging market countries together to work towards a common goal on a common platform. All the member countries comprise 80% of the World trade, 90% of global gross national product and 2/3rd of the world population. Hence, the G20 has immense influence on the Financial activities of the world.

G20 Summit 2009 UK

Every year, the G20 is chaired by member countries turn by turn. This year, the Summit is being chaired by the United Kingdom. Starting 2nd of April 2009, the G20 will be in the hands of UK for a complete year. This year’s Summit is especially important as the world tries to quiver ot of the global recession or slowdown, as we call it. This year the Finance Ministers and Heads of Central Banks of member countries have a twisted task on their shoulders. These intellectuals need to figure out ways to bring the world economy back on track.

Expectations from G20-2009

The major expectations from the G20 Summit are as follows:

1 Injection of more stimulus packages to bring down the severity of the global recession so that small businesses and families can start looking at a recovery and ledning again.

2 Encouraging economies to give up protectionism so that there can be free trade and the cash flow starts all over again.

3 Making the World Bank and the IMF stronger for future crises.

4 Keeping in mind the poor economies as well so that they do not go extinct during this recession.

5 Take steps like reducing the regulatory gaps amongst nations to avert any financial crisis in the coming years.

All in all, the G20 Summit of 2009 is an opportunity for the world’s biggest economies to come together and work on a common plan to wriggle out of the continuing global economic crisis. There could not have been a better time to have this G20 Summit than this. Whether the world will be able to achieve a positive solution from this summit is yet to be seen. Come 2nd of April and all eyes of the Economic world will be staring at what the best financial brains paint for the world. This year’s Summit would have to direct the world economies or economies across the globe, to come out of the turbulence as soon as possible. We need to wait and watch what good news this summit brings out for the common man, regardless of any country or religion he belongs.

Linus Orakles
http://www.authorclub.info/