GROUP OF GREAT TWENTY AND STABILITY OF WORLD ECONOMY

GROUP OF GREAT TWENTY

AND STABILITY OF WORLD ECONOMY

Moustafa El-Abdallah Alkafry[1]

Faculty of Economics – Damascus University,

ABSTRACT:

The Group of Great Twenty ( G 20 ) is a non-official forum supporting the constructive and open discussions between the prominent states of the market and the industrialized states regarding the key issues related to the stability of the world economy in order to reinforce the global financial structure and provide the dialogue opportunities about the internal economic policies of the countries, cooperate between one another and invest the international financial institutions in the service of the world economy. Has this group of states been really able to invest the international financial institutions in the service of the world economy? Does it support the economic growth and development in the various states of the world? Has it achieved transparency in the financial policy, tackled the money laundering and funding terrorism?

Keywords: Group of Great Twenty, World Economy, Economic Growth, Economic Cooperation, World Financial Crisis.

JEL codes: F02

PDF complete  research download link:

GROUP OF GREAT TWENTY AND STABILITY OF WORLD ECONOMY O By moustafa

GROUP OF GREAT TWENTY

AND STABILITY OF WORLD ECONOMY

INTRODUCTION:

The Group of Great Twenty ( G20 ) is a non-official forum supporting the constructive and open discussions between the prominent states of the market and the industrialized states regarding the key issues related to the stability of the world economy in order to reinforce the global financial structure and provide the dialogue opportunities about the internal economic policies of the countries, cooperate between one another and invest the international financial institutions in the service of the world economy. The Group of Twenty also endeavors to support the movement of the economic growth and development in all parts of the world. The Group also aims at following the internationally recognized criteria through the example given by the members in such scopes as: transparency of the financial policy, tackling the money laundering and funding terrorism. Has it achieved transparency in the financial policy, tackled the money laundering and funding terrorism? Or does this group endeavor only to achieve its interests even if this achievement is made at the expense of the developing states and the poor states so that the rich get richer and the poor get poorer?

 (The Group of Twenty (G20) is the premier forum for its members’ international economic cooperation and decision-making. Its membership comprises 19 countries plus the European Union. Each G20 president invites several guest countries each year). [i]

Endeavoring to cherish the international financial stability cannot be achieved by holding dialogue only between the industrialized countries and emerging countries and neglecting the other countries of the world, in particular the developing countries. Participation of the various countries of the world in this dialogue is a must for the good of all.

(G20 leaders meet annually. In addition, Finance Ministers and Central Bank Governors meet regularly during the year to discuss ways to strengthen the global economy, reform international financial institutions, improve financial regulation and implement the key economic reforms that are needed in each member economy. Underpinning these meetings is a year-long program of meetings among senior officials and of working groups coordinating policy on specific issues). [ii]

[1] Prof. Moustafa El-Abdallah Alkafry is Syrian economist, a professor of economic sciences. He holds the Chair of Economics and Planning at the Damascus University Faculty of economics 1995. Doctor Degree from Warsaw School of Economics – (Szkoła Główna Handlowa w Warszawie – SGH) 1980. He was Director of Syrian Investment Agency (vice minister) 2002-2008.

   Contact Information: Prof. Dr. Moustafa El-Abdallah Alkafry, Faculty of Economics – Damascus University, Damascus P O Box 12341, SYRIA.  E-Mail: mostafa.alkafri@gmail.com