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Europe, US slowdown affecting developing countries: PM

Tuesday October 18, 2011 07:31:19 PM, IANS

Pretoria: India, Brazil and South Africa must be proactive in finding solutions to revive the global economy as developing countries cannot be a mute spectator to the slowdown in Europe and the developed world, Prime Minister Manmohan Singh said here Tuesday.

Addressing the plenary of the IBSA (India-Brazil-South Africa) summit, Manmohan Singh said the debt crisis in Europe and the financial slowdown in the developed world, notably the US and Japan, were sending negative signals to the world's financial markets, which are showing signs of distress.

"Developing countries cannot remain untouched by the negative impacts of these developments. Their ability to address the developmental challenges have been adversely affected," the prime minister said at the summit that brings together the emerging democracies of Asia, Africa and Latin America.

He said the G20 grouping of developed and emerging economies, in which IBSA countries are also members, has played an important role in the reform of international monetary and financial institutions.

"We should coordinate our positions in the run-up to the G20 summit in France to ensure that the priorities of developing economies are adequately reflected," he said ahead of the G20 summit in Cannes early November.

Brazilian President Dilma Rousseff and South African President Jacon Zuma were also present.









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