More Desperate Voices in World Finance

The G-20 which was established in Germany in 1999 has its missions on strengthening the international financial structural design and the promotion of sustainable economic growth and development between the developed and developing countries.

The group is made up of 20 members – Australia, Argentina, Brazil, Britain, Canada, China, Chile, France, Germany, India, Indonesia, Italy, Japan, Russia, South Africa, South Korea, Saudi Arabia, Turkey, the United States and the European Union – where strategic economic significance was used in choosing of these countries.

The economic bloc which made up the two-thirds of the world population has a combined 85% of GNP and has the 80% of share of the world trade, is facing a heated debacle nowadays on the in the midst of the impending world financial crisis.

Members who are from the developing countries fear that the thrust of the group is swaying into providing recovery measures to the devastated economy of the developed countries like the US as the primary task, to their expense.

Furthermore, current protectionist schemes by the developing countries to revive their local economies are blocking the exports products of the developing countries which will result to big trade deficits to the weaker economies.

The direction of the group which serves for the mutual economic cooperation and benefits of both the developed and developing countries in the world has been altered by the effects of the economic downturns. Retraction of foreign capital and investments in the developing countries and the pathetic plight of exports before the tax barriers and quotas of the developed countries have left the developing countries paddling on troubled waters.

Seemingly, developing countries have no resources to finance their survival and they are making desperate efforts for the stronger members to heed to their appeals.