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As the world grapples with the biggest crisis since Great Depression, the leaders at the G20 summit meet at Washington to focus on ways to stimulate global growth, free up credit—and look at a coordinated response.

The G-20 brings together major industrial and emerging-market countries from all regions of the world. Together, member countries of the forum represent around 90 per cent of global gross national product and 80 per cent of world trade as well as two-thirds of the world's population.

Can the group of nations really act together to find a solution to the crisis? NDTV’s Shaili Chopra brings to you the latest from the meet.

Ground Reports

PM pushes for global trade

Addressing the Group of 20 meeting in Washington, Prime Minister Manmohan Singh said, there is a need to take urgent steps to strengthen the global trading system. (Full Text).

PM terms G-20 meet as 'very successful'

Describing the G-20 summit as "very successful", Prime Minister Manmohan Singh said that this had marked a shift in balance of economic power in favour of emerging economies.

G-20 summit failed to impress: analysts

Analysts have said the outcome of the G-20 summit has left substantive issues to future meetings and was unable to bridge the ideological gap and articulate a coordinated global response.

G20 agree on financial action plan

The leaders of the Group of 20 nations issued a joint statement and detailed action plan after their meeting on Saturday pledging to take a variety of steps to combat the current crisis.

(Exclusive) US should do more to unfreeze credit: FM

India wants the countries where the crisis has originated, the US and some countries in EU, must do all that is necessary to reverse the impact of the crisis, Finance Minister P Chidambaram said.

Declaration issued after meltdown summit

The declaration issued after the economic summit in Washington, as released by the White House.

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In Quotes

George W Bush, US President:
"We must recognise that the government intervention is not a cure-all. For example, some blame the crisis on the insufficient regulation of the American mortgage market but many European countries had much more extensive regulations and still experienced problems almost identical to our own. History has shown that the greater threat to economic prosperity, is not too little government involvement in the market, it is too much government involvement in the market."

Manmohan Singh, Indian Prime Minister:
"G 20 nations must do everything in their power to ensure that process of development and millennium development goals are not adversely affected. International financial institutions like the IMF and the World Bank should be strengthened to ensure that the fallout on developing countries is minimal."

In the News

	UN urges swift action from G20 leaders
	Open market policy surest path to grow: Bush
	World leaders move toward tougher financial rules
	Obama not to attend G20 summit
	Regulation of financial institutions on agenda
	What world leaders want from economic summit
	Chidambaram lays down India's agenda at G20

Send us your thoughts

What do you expect from the G20 meet? Define the agenda.

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Surfers' Say

Mahendra Panchal , Toronto, Canada :

There should be more steps to come out from recession in a short period of time. Such steps may be liberlising credit facility by reducing interest rates and mobilising funds. More demand in the market will create more production and more job opportunities.

11/16/2008 8:06:30 PM

Bipin gadhiya , Jamnagar :

I think that the summit would come up with new ideas, strategies and actions as well. The governments have tried their best till this date to pump liquidity in to the market to come out form this crisis. But I think more liquidity must be pumped into the market.

It seems like it is a crisis of confidence. What has happend is that we have spooked ourself into thinking that there is a problem but I feel that we have don't have any problem in india. Only consumer spending has been slowing down so we need to work in this side and act accordingy.

11/16/2008 3:45:14 PM

Rajeev , Chennai :

All world leaders need to ensure that there will not be any job cutting and thus boost employees confidence.

11/15/2008 10:31:13 PM

RAJEEV K AGARWAL , surat :

Let us resolve that consumer shall spend less than what he earns. Creating consumer demand through cheap credit would inflate asset prices to artificial level and would be counter productive. What is needed is creating productive assets particularly infrastructure such as increased power generation and distribution, improved road and rail network, metro rails in all cities with population above 50L, piped gas supply, improved communication, express highways with development along the highway corridors. Aping the western capitalism with focus on finacial management alone neglecting the fiscal management has led to the presnt ills. Let us not inflate the economy to artificial levels by manipualting prices of shares/stocks and commodities.

11/15/2008 2:09:40 PM

Kishore Kapoor , Delhi :

Without most powerful leader in 2009, MR. OBAMA not there.....I doubt success of this Costly intervention.

11/15/2008 11:17:56 AM

Ritu Arora , Faridabad :

There should be greater participation of the emerging economies in multilateral organisations such as the IMF and the World Bank. The economic summit will provide a good occasion to delve deep into the matter like where the things have gone wrong and what needs to be done.

11/14/2008 5:54:50 PM

gaurav , New Delhi :

I think the summit of leaders of the G20 group in Washington would entail an important and vigorous discussion about the current economic slowdown plaguing the markets worldwide. There has been a dramatic increase in the scale and breadth of companies’ job-cutting. It is leading to immense pressure to individual finances. I am hopeful that the summit would yield some concrete results.

11/14/2008 4:50:17 PM