G-20 to Consolidate Efforts in South Korea

Seoul. World leaders will discuss ways to sustain growth and correct global economic imbalances at next year’s Group of 20 economic summit in South Korea, President Lee Myung-bak says.

“At the time when the Group of 20 summit takes place in November next year, the world will clearly be out of the global economic crisis,” Lee said on Wednesday.

“The G-20 will discuss ways to sustain economic development following the global crisis and how to correct imbalances in the world’s economy.”

The latest G-20 summit ended in Pittsburgh last week after agreeing to meet next year in Canada and South Korea.

Lee said members agreed it was too soon to start scaling back the multitrillion-dollar stimulus measures that helped stave off further economic misery following last year’s meltdown.

South Korea is set to be one of the first countries to recover but Lee said it was still too early to draw up its own exit strategies.

He said Seoul would invite representatives from African countries and other developing nations to the summit in Korea. Aid issues will be on the agenda.

Hosting the event will give the nation an opportunity to raise its international status, Lee said.

“South Korea is facing an upturn in its fortunes. The chance to become a leader in the world has come,” he added.

“Let us turn our hosting of the G-20 summit next year into a chance to upgrade the status of our nation not only in the economic sector, but in legal, ethical, political and cultural areas.”

Agence France-Presse

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