G20 Set To Run Global Economy
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Published: September 28, 2009
President Obama, US President and other members of the G20
Seyi Oduyela/Washington, DC
Developing countries will have more say in how the world economy is run after it was agreed the G20 will take charge of global economic co-operation in place of the G8. The move will see emerging nations like China, India, South Africa and Brazil gain a greater say in economic issues that were previously dominated by the wealthier G8 nations. The decision shifts the decades-old global balance of power away from Europe. A deal to grant developing countries more voting power in the International Monetary Fund will also be established, according to reports. The G20 is expected to announce the changes today after the conclusion of a two-day summit in Pittsburgh in the United States.
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