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Global Economy
World Bank President: G20 Now Has To Follow Up With Action.
"World Bank President Robert Zoellick praised the G20 for agreeing to unify against the financial crisis and world economic slowdown Saturday, but said it now must match words with action. [Dow Jones (11/15)/Factiva]
Zoellick,...,told the FT the G20 recognised it faced "a global crisis that is going to need a global response". Earlier, he warned the world leaders that a drying up of credit could lead to a "huge drop in trade". [Financial Times (11/16)]
The Economic Times noted that "last weekend at Sao Paulo's G20 ministerial gathering, Zoellick warned that the global financial system needed to be revamped and that countries worldwide were "moving into a danger zone." [Economic Times]
Following the summit, AP reports that "...Zoellick said the summit was a productive start. What matters now are the follow-up actions, Zoellick said. "People are looking to leaders for a global, coordinated and fast response." In particular, he called for government spending programs to stimulate national economies, and said China had demonstrated leadership with its $580 billion stimulus package. "Further decisive actions will be needed," he said. [The Associated Press (11/15)/Factiva]
The G20 has begun 'to lay a productive foundation of discussion, input and agreement. What matters now are the follow-up actions,' Zoellick said in a statement after the conclusion of the first-ever meeting of the group's leaders..." [Dow Jones (11/15)/Factiva]
In addition, AFP notes that he "...thanked the G20 leaders - whose nations represent some 85 percent of the global economy - for committing to honor their pledges for overseas aid, and said it was a critical step forward for the economic giants to be sitting down with leaders from rising economic powers such as Brazil, China and India..." [Agence France Presse (11/15)/Factiva]
Nevertheless, Zoellick, warned that the integration of emerging countries should not come at the expense of the poorest countries. "This is a positive step to see the leaders of developed countries meeting those of emerging economic powers, but the poorest developing countries should not be ignored," he said.
He added that "the current crisis is not resolved and long-term solutions will not be implemented by accepting a world that runs at two speeds." [ISN (Switzerland) (11/17)]
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