India, China and other developing nations have played a key role in checking the economic crisis, the 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,” Mr. 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, Mr. Zoellick heads towards London where he would attend the G20 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.
Mr. 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.
Mr. 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.