“The decision will usher in a new economic world order that gives rising powers such as China, India, Brazil, South Korea and other emerging nations, more say in steering the global economy. It means the G20 will assume the role long played by the smaller club of wealthy G8 countries that includes the United States, Great Britain, France, Italy, Canada, Japan Germany and Russia.”
This was the main announcement from the G-20 meeting held in Pittsburgh where it was decided that the G-20 will now take on the role as the world’s main economic body, taking over from the G-8 and representing the importance that emerging markets have in the development of global economy.
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