Friday, June 25, 2010
On Friday Prime Minister Dr. Manmohan Singh said it was necessary for the global economy to continue to recover in a stable and predictable manner without succumbing to protectionist tendencies, ahead of the G-20 Summit in Toronto.
Before his departure for the two-day Summit from Saturday during which he will also have talks with US President Barack Obama and other leaders Singh said in a statement, We need investment and capital flows, as well as open and rule based trading system.”
Singh said the challenge for the Toronto Summit will be three-fold, cautioning that the recovery of the global economy was “still fragile and uneven” with new “worrying signs emerging in the Euro zone.”
He said, these challenges would be to ensure that global economic recovery is sustainable, balanced and durable; focus on medium and long-term structural issues relating to governance issues; and to celebrate exit strategies in the light of growing concerns over expansionary fiscal policies.
He further added, “As the India economy grows and further integrates with the international system, we have an increasingly direct stake in all these matters,” “our ambitious development targets it is necessary that the global economy continues to recover in a stable and predictable manner.”
Singh said since November 2008 the coordinated policy actions taken by the G-20 countries contributed a lot in global economic recovery. Dr. Singh said, “This is a sign of the G 20s success. At the same time, we have to be conscious that the recovery is still fragile and uneven. New worrying signs have emerged in Euro zone.”
