G-20 Seoul summit agenda
From the Blog PkColumnist.com: G-20 Seoul summit agenda - The G-20 (a club of rich and economically emerging states) Summit is taking place in Seoul, the Republic of Korea, on November 11 and 12, 2010. This is the first G-20 Summit to take place in a non-G-8 country and the first one to take place in Asia-Pacific, in recognition of the emergence of the region as the growth pole of the world's economy. Implementation of the framework for strong, sustainable and balanced growth based on a more resilient global financial system will be the agenda for this G-20 Summit. After decades of stable economic growth the world's economy was hit hard by a global financial crisis in August-September 2008 that led to a synchronised decline in world economic growth of a magnitude not witnessed before in the preceding six decades. The full-blown economic crisis caused human suffering and misery all around the world. Some 30 million jobs were lost globally, with millions more having slipped into underemployment and poverty. It also damaged the development gains of the last decade, especially with respect to progress towards achieving the Millennium Development Goals. As a result of extraordinary coordinated policy actions at the international level, the world's economy was not only prevented from slipping into another Great Depression, it witnessed a faster-than-anticipated economic recovery. Although the recovery is underway, the upturn is fragile and uneven; indeed it is fragile because it is uneven. The main drivers behind the recovery have been inventory accumulation and fiscal stimulus. The first one is coming to a natural end and the second one will have to be phased out slowly. How can a more balanced recovery be achieved will be the agenda of the G-20 Summit in Seoul. In particular, four items will constitute centre stage of the Summit, that include (i) rebalancing of global growth, (ii) exchange-rate flexibility, (iii) financial sector reform and (iv) the spirit of cooperation. Global economic recovery is underway but it is fragile and uneven. It is sluggish in advanced countries but much stronger in emerging and developing countries. Domestic demand (consumption and investment) is fuelling growth in emerging and developing countries in the wake of a weaker export demand. Domestic demand is still weak and likely to remain so in advanced countries and as such growth would not recover soon there unless rebalancing takes firm root in the short-to-medium term. The sluggish growth in advanced countries causing reduction in revenue on the one hand and massive expenditure linked with fiscal stimulus on the other has increased budget deficit. Budget deficit at $1.3 trillion or 10 per cent of GDP in the United States has emerged as the major restraining factor in recovery. Growth in the United States cannot be recovered by relying on domestic demand which is already weak. The sources of growth for US should therefore be net exports. Many developing countries including China have relied excessively on net exports before the crisis. They need to turn more to domestic demand for sustaining growth. Thus, readjustment in sources of growth is essential for achieving a strong and balanced growth for the world economy. Rebalancing of global growth would dominate G-20 Summit in Seoul. The Asia-Pacific region would be asked by the Summit to rely heavily on domestic demand, particularly on consumption. The rebalancing of global growth, according to G-20, can only be materialised by readjusting the exchange rate. The onus of rebalancing global growth would be on developing and emerging economies. These countries are enjoying large current account surpluses and accumulated huge foreign exchange reserves. They need to allow their exchange rate to reflect economic fundamentals. Large current account surplus and accumulation of foreign exchange reserves will lead to exchange rate appreciation; imports in these will become cheaper and exports dearer, thus reducing current account surplus. Thus, adjustment in exchange rate along with relying more on domestic demand would go a long way in rebalancing global growth. Global problems would require global solutions. Financial sector reform will be another item of discussion in the G-20 Summit. Global economic recovery is linked with reforms in the financial system. The world needs a financial system that reduces moral hazard, limits the build-up of systemic risk, and supports a strong and stable economic growth. Considerable progress has been made in strengthening the global financial system by fortifying prudential oversight, improving risk management, promoting transparency and continuously reinforcing international cooperation. More work would be needed in improving transparency and regulating oversight of hedge funds and credit-rating agencies; discouraging excessive leverage and risk taking and protecting the flow of credit in good and bad times. A thorough debate on the new financial system should be launched at the global and regional levels to bring all the stakeholders on board. From the late 1970s through 2008, the world in general and the US in particular witnessed a regulatory system swung towards less regulation and free markets. The recent crisis has reversed the trend and the pendulum is swinging towards more regulations. Given the fact that most advanced economies are still in recovery, the new financial regulations may put a damper on recovery. Thus, an in-depth debate on new rules will be essential to take all the stakeholders on board. The vanishing spirit of cooperation at the international level would form the fourth agenda item of the G-20 Summit. It was the unprecedented cooperation that produced a correct response to the 2008 crisis that helped avoid a crisis as epic in proportion as the Great Depression. In the absence of cooperation, the recovery will remain in peril and there is a likelihood that everybody will be worse off. The G-20 Summit in Seoul is likely to set the post-crisis agenda for sustaining balanced growth and a more resilient financial system through the spirit of cooperation. . Read Full Post
Raja Riaz Lambasts Geo T.V Kamran Khan and Ansar Abbasi
From the Blog PakisTanic.Com: Raja Riaz Lambasts Geo T.V Kamran Khan and Ansar Abbasi - "Nawaz Sharif aur Zardari Media walon k saath wo karein gy k Inko Apni Naani Yaad aa jaye g",were the words of Pakistan former Military President Pervez Musharraf day after his ouster from the President House in August 2008. PPP Senior minister in Punjab Assembly Raja riaz has accused of Jang Group leading Anchors Related posts: Nazeer Naji Abuses Ansar Abbasi And Noorani PPP-PML-N Tensions Rising To Deciding Level "Lord Not Masters", A Bewitching Tale Of Our 'Z' Rulers . Read Full Post
Send Unlimited Free SMS to 19 Asian Countries
From the Blog ProPakistani: Send Unlimited Free SMS to 19 Asian Countries - Send Unlimited Free SMS to 19 Asian Countries is a post from: ProPakistani Vopium is offering unlimited Free SMS to 19 Asian countries including Pakistan. This limited time promotion will allow Vopium users to send unlimited and Free SMS to over 2.5 billion population in Asia. Offer is valid till January 1st, 2011. Vopium users can either use this services by installing Vopium application on their mobile phones or through web by visiting vopium website. Vopium application for mobile phones works via Wi-Fi and from your PC, as well as from the mobile network via GPRS. It must be noted that there may be data for GPRS usage, according to your subscription. Click here to start sending SMS now: vopium.com/free-sms-to-asia . Everyone can send Free SMS to the following countries; Afghanistan Bangladesh Bhutan Brunei Cambodia India Japan Laos Malaysia Mongolia Nepal Phillipines Singapore Sri Lanka Taiwan Thailand Vietnam Pakistan indonesia Vopium is a VoIP provider company that offers free downloadable app for mobile phones that enables users to save upto 90% on international call rates and SMS. Related posts: Warid Offers Unlimited Free Calls on 1 on-net number Unlimited Calls From Pakistan to US & Canada or one of other 34 Countries Unlimited SMS by Ufone in Rs. 2.99 are Actually 500 SMS a day! Zong Announces Per min, Data Based and Unlimited GPRS Packages Monthly Unlimited SMS Package for Rs. 80: Ufone Copyright © 2010 ProPakistani.PK . Read Full Post
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