(City of Pittsburgh. http://www.pittsburghsummit.gov/)
(G-20 summit leaders. Indian Prime Minister Dr. Manmohan Singh in 2nd row)_______________________________________
G20 makes bold move to balance global growth
Posted: 26 September 2009 1120 hrs
Excerpts from the article
PITTSBURGH, Pennsylvania - If the G20 is to implement a promise to redress global imbalances, China's export machine must slow, Americans must learn to save more and borrow less, and Japan and Germany must puncture their ever-fat surpluses, experts say.
Leaders of the Group of 20 developing and developed economies agreed Friday that they must tackle front-on the imbalances in global economic growth that many say fuelled the worst financial crisis since the Great Depression.
They launched "a framework that lays out the policies and the way we act together to generate strong, sustainable and balanced global growth," according to a joint statement after a two-day summit in the US city of Pittsburgh.
Washington strongly campaigned for the move, saying it would help prevent another global crisis exacerbated by the wide gap between reserve surplus-rich Asian nations led by China and the mostly deficit-hit Western nations.
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Institute of Technology, Banaras Hindu University
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