Atlantic Community:Global Must Read Article "G-20 Summit Should Not Overlook Poorest Countries"

Lee Myung-bak, The Washington Post | November 11, 2010

South Korea will be hosting the November 2010 G-20 Summit. ++ In this regard, the developed economies should focus on the needs of the world’s poorest countries, as they too are crucial to "rebalance" the global economy and restructure financial institutions. ++ The recent success stories among some low-income countries such as Sub-Saharan Africa show a positive economic trend. ++ What is required now is a “change in the philosophy of aid” and a reemphasis on partnership with low-income countries for the future.

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Tue, Nov 16th 2010, 20:19

Ximena Benavente, NYU, Bronze Contributor (23)

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For the G-20 summits to be successful and bring useful solutions to the table, the G-8 needs to truly be concerned in helping developing countries to escape the poverty threshold. Yet is seems, that developed countries only thwart the process of achieving successful economic growth. They go to the summits and believe that pouring more money into poor countries will satisfy their duty. I completely agree with the author about bringing investment into these countries. Today, aid only serves corruption and bureaucracy.

It is also pivotal to recognize that developing countries have different stages of development. While emerging markets are in need of investment to complement their big industrialization process and probably advance into a service industry, the less developed need basic infrastructure and reinforce the democratic institutionalism. It is critical that the G-20 addresses these differences and recognize the different strategies for each country.

Tue, Nov 16th 2010, 22:10

Leimer Tejeda, New York University, Bronze Contributor (23)

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The G-20 is in a very unique position to plan long-term goals for the poorest countries in the world. The article highlights that members of the group include “donors, recipients (of aid) and high growth emerging economies” which presents a unique opportunity for this forum to compare, debate and formulate steps that will lead us closer to the UN Development goals. For instance, economies like Brazil and South Africa have had to face different and challenging issues the last couple of years to accomplish the growth rates and market recognition that they now enjoy. Taking the experiences of these 20 countries and evaluating the similarities and differences of the rest of the developing world can really prove to be a powerful source for development.

Development and growth is a global issue and foreign aid is no longer the solution. Long-term growth does not come from a short term influx of funds. It seems to be common knowledge that growth comes from infrastructure, education and job market opportunities yet the global community lacks methodologies to develop and create the appropriate means to accomplish this.