Luiz Inácio Lula da Silva: G-20 Pittsburgh Summit: Reasons to Celebrate?

G20Voice is a group of 50 bloggers inside the London Summit connecting world leaders with the rest of the world. G20Voice has been organised by a coalition of non-profit organisations – Oxfam GB, Comic Relief, and Save the Children – with the support of the Blue State Digital and the UK Government.

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Luiz Inácio Lula da Silva: G-20 Pittsburgh Summit: Reasons to Celebrate?

Optimism is the leitmotif surrounding the upcoming Pittsburgh Summit. Yet certain concerns remain. A year ago, as the dramatic recession unfolded around the world, many were convinced we were heading for a repeat of the Crash of 1929.

Due to measures adopted at the G-20 Summit in London last April, the worst threat in decades to the global economy was contained.

After a 9 percent reduction, global trade has rebounded, thanks to the injection of U.S.$250 billion in flexible, unconditional credit. Nearly 50 million jobs will be lost in 2009, but there are signs that the worst is past. Another U.S.$750 billion went to stimulate demand and stabilize the current accounts of many — particularly developing — countries hit by the drastic cutback in foreign trade and credit.

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