At the time of writing this article G8 summit has begun in Canada, which will be followed by G20 summit later on, this weekend. Developing economies are going to play a vital role in strengthening and restructuring world economy. Reforms for IMF and The World Bank are already in the pipeline. Economies like India, Brazil, China and Japan have a major role to play in making a prosperous world economy which is being under a constant unstable equilibrium. Global Recession originated in USA is over, but flaws of several economies like Greece, Spain and Japan had been exposed in the recent past. Features of Macro economics are prevailed in the cluster of theirs’ corresponding innumerous micro economies. However, Global economy is a cluster of such Macro Economies. Globalized economy where all economies are inter-related, setbacks or reforms on one will influence others with respective effects. However, North Korea is an exception to that, an unknown isolated part of the globe.
North Korea, these days featured in FIFA #WorldCup and observing 60 years of the #KoreanWar; memories of the forgotten war between the two Korean nations is being done these days. That was a war, which involved USSR, China, USA and western allies supporting theirs’ respective ideologies. The Korean War indeed a war between democracy (or Capitalism) and Communist ideologies, in the early ages of cold war era. (Recommendation- Watch 71 into the fire; A south Korean Movie based on the true story of 71 student soldiers who heroically provide resistance to North Korean army’s invasion)
Hopefully, someday North Korea will be open to the world. Like other nations of communist ideologies like China and Russia who have a wider influence on world politics and economics.
#G8 and #G20 summits, there are so many hopes associated with it. Greek or Spanish economies are undergoing tremendous reforms through tough decisions and protests. The brokenness of these economies has alarmed the world. That is Japan is also undergoing reforms and China is consequently revaluating its currency to be more open and secure to the world. Indian economy is supposed secured, no wonder it could be a mirage not noticed in a fabulous growth rate in GDP of 8+ % per annum.
Economy is the main focus of this summit, overshadowing the concern of climate change. Rebalancing of World economy is the primary focus. America has announced more economic reforms to come in coming days, in the form of new banking laws. These reforms will be toughest since the reforms implemented in 1930s after the great depression of USA. Last year G20 summits concluded with a vision to prosper Africa. Investments has been made, work in progress and results yet to be delivered.
In today’s world, we still have war wound territories like #Gaza, #Afghanistan and Iraq along, failed states like Somalia and isolated economies like North Korea. Gaza, it is sad to learn about the miseries of people, who have got many commodities, almost, everything blockaded by Israel. Knowledge of Afghanistan’s potential mineral wealth is good but sarcastic news. The war struck land lock country, deeply addicted by Taliban and opium. India and China are desperate to grab these wealth and opportunity for prosperity for the locals. For India, it won’t be that easy by virtue of dependency on Pakistan for the transportation route needs.
Economy is also catalyzed by peace. Sadly, we have weaker states like #Kyrgyzstan who are witnessing ethnic violence and humanitarian loss all around. The Gulf of Mexico, has also suffered huge job loss by virtue of the BP Oil Spill. Effect on the Environment is another major concern in this region.
Russia is now opening its arms to the world. They have realized dependency on energy sources and raw materials alone will not let them to prosperity in the world today era where emerging economies are at sprint. The Russian #SiliconValley will certainly open avenues not only for Russians but also for many economies.
Last but not the least; football for a hope has really out played every bit of concern among all of us. This Euphoria is amazingly celebrated by not only by 32 countries, in fact every country. Football #WorldCup has certainly grown bigger than Olympics in popularity. #WorldCup is certainly the bigger summit which has woven people from different nations into a single fabric.
Hopefully, this G8 + G20 summit will have a remarkable mark in the world history, in the years to come.
RaZZevZ.com/ Current Affairs