Monday, October 11, 2010

Nov 11-12 Seoul G-20 Summit to Set Agenda For New Economic Order

The upcoming Seoul G-20 summit is expected to set the key agenda and lay the foundation for a new post-crisis economic order that will promote sustainable development for all countries, economists say.

   Experts from thinks tanks such as the state-run Korea Institute for International Economic Policy (KIEP) and the Korea Institute of Finance (KIF) said that while contentious issues may not be resolved, broad understanding of financial reforms and balanced growth should be reached when leaders meet next month in the South Korean capital.

   "The Seoul meeting is expected to mark a turning point in the role of the G-20 from one focused on managing a global financial crisis to a gathering that aims to regulate a new economic order," Yoon Deok-ryong, a senior fellow and head of the KIEP's G-20 research team, said a month before the start of the economic summit slated for Nov. 11-12.

   He said the G-20 countries have all felt the need to create a new order to prevent a repeat of the Lehman Brothers debacle and ongoing financial uncertainties in some European countries.
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