Washington: India, China and other
developing nations have played a key role in checking the
economic crisis, World Bank President Robert Zoellick has
said, adding there is need of multiple poles of growth as the
global economy can no longer rely on the US consumers.
"We can no longer rely on the US consumer to sustain
global growth. We need multiple poles of growth," Zoellick
told reporters at a news conference in Beijing.
"China, India, and other developing countries have
been key players in stopping the crisis from getting worse and
laying the foundations for a broad-based recovery, but other
developing countries can also offer other pools of growth."
From Beijing, Zoellick heads towards London where he
would attend the G-20 ministerial meeting.
"The London G20 Summit in April helped stabilise the
world financial system, but looking ahead to the Pittsburgh
Summit of the G20 later this month, we need to address the
needs of the developing countries in this crisis. They are the
ones that are most vulnerable, but they are also potential
sources for demand and growth," he said.
Zoellick hoped that the Pittsburgh Summit can work to
operationalise the Food Security Plan that was announced at
the G8 by the US President, Barack Obama, and supported by
others, as the World Bank has put a priority on trying to
increase agricultural production and productivity in the
developing world and reducing hunger and malnutrition.
The World Bank President said he would urge the
developed countries at the Pittsburgh G20 Summit to move
beyond the focus of financial stabilisation to helping meet
the needs of the developing and particularly the most
vulnerable countries.
"Core lesson of this financial crisis is we are all in
this together, and you need international cooperation to get
out of it and to build a platform for the future," he said.
Zoellick said his message for the G20 is that
cooperation has to include helping developing countries who
will be able to help the developed countries. "China is the
example, because China's growth helps the rest of the world,"
he said.
Bureau Report
First Published: Friday, September 04, 2009, 09:32