G20: PM offers solution to global economic crisis

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Manmohan Singh
Seoul, Nov 12: During the G20 Summit in South Korea on Nov 12, Prime Minister Manmohan Singh, being an eminent economist, proposed a solution to the challenge of generating demand in the global economy.

The solution, which Singh proposed is to recycle global surpluses into developing country infrastructure, mediated by multilateral development banks such as the World Bank and the Asian Development Bank.

He also suggested the advantage of the method as saying, "Recycling surplus savings into investment in developing countries will not only address the immediate demand imbalance."

"It will also help to address developmental imbalances. In other words, we should leverage imbalances of one kind to redress imbalances of the other kind," he added.

OneIndia News

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