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The G-20: Achievements and Challenges
Author: SaKong Il
Region: Asia
Location: Korea, South
Published August 31, 2011
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Just as the world economy was about to be thrown into another Great Depression in late 2008, leaders of the Group of 20 (G-20) and emerging economies gathered for the first time to save the global economy from the worst recession since the Great Depression. After that they met four times before they met again in Seoul in November 2010. The G-20 during that time took the lead successfully in the global community’s effort to avert another Great Depression. It proved to be a functioning crisis management committee. Nonetheless, there were many skeptics of the G-20 who predicted that, after the global economy recovered, the sense of urgency shared by the G-20 leaders would dissipate, and, consequently, the G-20 would stumble. Therefore, the Seoul summit scheduled for 11–12 November 2010 was a litmus test, so to speak, for the G-20’s ability to position itself as a global steering committee by showing the world that it could still deliver even after the crisis. In view of this, the Korean presidency worked diligently in close collaboration with the rest of the G-20 member countries.

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