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Heads of Government to Seek Solutions to World Economic Crisis at G20 Summit

Where: London, United Kingdom

March 30, 2009 : The heads of the world’s 20 largest economic powers, the Group of 20 or G20, will assemble in London on April 2, 2009. The London summit will focus on finding solutions to the present global economic crisis.

The G20 is a forum that includes G-7, the world’s seven leading industrialized nations — the U.S., Japan, Germany, France, the UK, Italy and Canada — and the world’s largest developing world economies: Brazil, Russia, India and China (often referred to as BRIC). The European Union (EU), Australia, Turkey, Indonesia, South Korea, Argentina, Mexico, South Africa, Saudi Arabia and Indonesia are also members. The member countries of G20 generate 85 percent of the world’s total economic production.

This will be US President Barack Obama’s first appearance at a major international gathering. Mr.Obama called for collective action by governments in the run-up to the summit. His government has released money into the market to revive the banking sector, which suffered heavy losses. Germany’s Chancellor Angela Merkel has already said she does not approve putting more public money into economic stimulus packages. British Prime Minister Gordon Brown has called for governments to sign a “global deal”. The world will be watching to see if the leaders can reach an agreement.

Thousands of people took to the streets in London in protest against the summit. Called ‘Put People First’, the march protested the insensitivity of governments to the plight of the common man during the global recession. Over two million people are unemployed in the UK alone.