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Europe, US slowdown affecting developing countries: PM
Tuesday October 18, 2011 07:31:19 PM,
IANS
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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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