Dhabi, Nov. 17th, 2008--The recommendations made by the G20 leaders on the global financial crisis on Saturday appear typical and orthodox. The talk of 'prompt action to boost economic growth and stabilise global financial markets by supporting major fiscal stimulus plans', is not backed by the commitment and vigour needed to tackle such a situation.

The conference also suggested expanding the role of Financial Stability Forum, an advisory body of financial regulators from rich nations which gives policy recommendations. It also calls for drawing up plans on how to implement regulatory policies and increase IMF funding wherever necessary while reducing the IMF's role in policing.

According to Gulf News editorial on Monday, "These suggestions do not fully address the situation". A top Indian economist, Montek Singh Ahluwalia said, "We are facing the most serious crisis in the world economy since the Great Depression... we need to take a lot of unorthodox steps." The paper added that as the global economic crisis plunges to newer depths, the vulnerability of the G8 countries - that comprise the top industrial nations of the world - comes to new light. Finally, the group had to rope in heavyweights of the new world economic order such as China, India, Saudi Arabia and Brazil for discussions on the latest global economic meltdown.

"The G20 meet reflects the shift in the global order and establishes the fact that the world is now more inter-dependent. Poor countries of the so-called third world have almost equal say in global affairs as the rich nations. Both groups are stakeholders in the current global order", it commented.

The paper noted that the Western economies can't progress further unless the world's poor are empowered. "No country can progress in isolation, neither can the world - not any more". It is therefore crucial for the largest stakeholders to involve others and plan a comprehensive rescue package which will create a win-win situation for all. (WAM/MN)