G-20 Summit and St. Petersburg Development Strategy

(Economic growth and global economy)
Prof. Dr. Moustafa El-Abdallah Al Kafry

The leaders of the G20 met in the Russian city of St. Petersburg (the birthplace of President Putin) on Thursday and Friday, September 5 and 6, 2013, and reviewed developments during the five years since their first meeting of the heads of state and government of the Group. The meeting discussed several topics, the most important of which are economic growth and the global economy, the strategy of determining development priorities for the countries of the Group in the medium term, assistance to low-income countries, the Syrian crisis and the expected US aggression against Syria.[1]

Russia, the host country of the summit, assumes the rotating presidency of the G20 for 2013. At the beginning of the summit, Russian President Vladimir Putin told the participants: “Although the situation has improved thanks to the actions taken by the member states of the Group, it is still too early to feel satisfied as the main task of the Group is to -restore- sustainable and balanced growth to the world economy. “Unfortunately, this problem has not yet been solved, as there are risks and systemic situations that lead to a repeat of a severe crisis that still exists.” Russian President Putin also stressed that: The Petersburg Development Plan was prepared in order to reflect the priorities of the Group of Twenty in helping low-income countries, ensuring food security, financial inclusion, infrastructure and human capital development, as well as mobilizing domestic resources.

1. Finding solutions to very sensitive issues:
In his speech at the opening of the summit, Russian President Vladimir Putin announced that the twentieth summit confirmed its ability to find solutions to very sensitive issues, recalling the proposals made by Russia that would prevent the outbreak of new global economic and financial crises, including reducing the budget deficit, reducing the size of state debt in developed countries, eliminating the negatives in the field of financial regulation and solving the problem of lack of resources. Putin praised the steps taken by the European -union- to form the European Stability Mechanism and weaken the relationship between state debt in some European countries and the stagnant banking system, saying that the global economy needs comprehensive structural reforms to ensure stable long-term growth.

[1] – The Group of Twenty is a forum founded in 1999 against the backof the financial crises of the 1990s, and includes both: China, India, Indonesia, Japan, South Korea, Saudi Arabia, South Africa, Argentina, Brazil, Britain, France, Italy, Germany, Russia, Turkey, USA, Canada, Mexico, Australia, European -union- as well as the World Bank and the European Central Bank.

Link to download the study in PDF format:

http://almustshar.sy/archives/9495


G-20 Summit and St. Petersburg Development Strategy
(Economic growth and global economy)
Prof. Dr. Moustafa El-Abdallah Al Kafry
Contents
Finding solutions to very sensitive issues: 3
2- St. Petersburg Development Strategy: 3
3 – Reducing the high level of unemployment: 4
4- The Syrian crisis dominates the G-20 summit in St. Petersburg: 6

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