Developing Nations Get a Say in Economic Summit

Signals expanding of world power
By Kevin Spak,  Newser Staff
Posted Nov 15, 2008 10:04 AM CST
Developing Nations Get a Say in Economic Summit
George W. Bush greets Chancellor Angela Merkel of Germany as she arrives at the North Portico of the White House in Washington, Friday, Nov. 14, 2008.    (AP Photo)

When George Bush convenes his economic summit today, he’ll see some less familiar faces around the table. In what could signal a historic shift in global power, Bush hasn’t just invited the wealthy nations of the G-8 to this summit, but a wider Group of 20, including developing nations like China, Brazil, and India. It’s these up-and-comers, after all, who are likely to provide what little growth the global economy sees next year.

With the larger powers reeling from the financial crisis, developing nations hope this first G-20 summit will swing wide the doors of international power. This particular group will meet at least once more, for a follow-up summit in early spring. From there, a smaller core group could emerge. Others, like Canada and Turkey, favor renaming the summit the L20—“L” meaning “leaders”—and holding it annually. (More global economy stories.)

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