World leaders have begun a two-day summit in Saint Petersburg to address global economy challenges as well as the prospect of a US military strike against Syria.
The Group of 20 (G-20) summit started on Thursday, with Russian President Vladimir Putin receiving heads of state to discuss key economic issues, while urging participants to discuss the Syrian crisis later in the evening.
Putin opened the summit by calling for stronger efforts to speed up economic growth, stressing that structural reforms are needed to guarantee sustainable development worldwide.
He also said government debts must be reduced, and mechanisms like taxation need to be overhauled.
China’s deputy finance minister, Zhu Guangyao, warned that the United States need be Å“mindful of the spillover effects and work to contribute to the stability of the global financial markets and the steady recovery of the global economy.”
The Organization for Economic Cooperation and Development (OECD) said Tuesday that the USâ„¢s move to cut back on its monetary stimulus program has harmed emerging economies, with businesses and consumers relying on low interest rates and friendly loans that loose monetary policy provides.
Meanwhile, the conflict in Syria has not been scheduled on the formal agenda, but is expected to be discussed on the sidelines of the summit.
US President Barack Obama is likely to push for his plan for Syria strike during the summit, despite international outcry calling for the crisis to be resolved through talks.
China warned that any military action against Syria would harm the global economy through causing a hike in oil prices.
Moscow said the United States has failed to show convincing proof that Damascus was behind last month’s deadly gas attack.
Created in 1999, the Group of 20 (G20) accounts for 85 percent of the world economy and about two-thirds of its population.
G20 is comprised of the United States, Germany, Japan, France, Italy, Britain and Canada, the European Union, Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea and Turkey.
GMA/KA
Republished from: Press TV