Emerging economies to jointly fight financial crisisNovember 9th, 2008 - 2:51 pm ICT by IANS
Sao Paulo, Nov 9 (Xinhua) World’s four fastest-growing economies would take measures to reduce the impact of the global financial turmoil, Russian Finance Minister Alexei Kudrin has said.Finance ministers from Brazil, Russia, India and China (the BRIC), had agreed to cooperate with one another to boost trade and capital flow, said Kudrin Saturday, who is attending an annual meeting of the Group of 20 (G20) major industrial and emerging-market economies.
He noted that the worse of the financial crisis troubling developed countries was yet to come and predicted a recession for the United States and the European Union next year, whereas the economies of the BRIC nations would continue to expand.
However, Kudrin admitted that amid global economic slowdown, Russia’s economic growth in 2009 would slid to 3.5 percent, down from a previous projection of 5.5 percent.
Finance ministers and central bank governors from the G20 nations began the two-day meeting in Sao Paulo Saturday.
Founded in 1999 as an informal forum to facilitate dialogue between major industrial and emerging-market countries, the G20 accounts for 85 percent of the world’s economy and about two-thirds of the world’s population.