Include Bangladesh into G20: Yunus to Sarkozy

[CaPtAiN_pLaNeT]

Wednesday, April 6, 2011
Include Bangladesh into G20: Yunus to Sarkozy

Include Bangladesh into G20: Yunus to Sarkozy

Dr Muhammad YunusStar Online Report

Nobel Laureate Professor Muhammad Yunus has urged France to reform the G20 for including developing countries like Bangladesh, as the global economic system is too narrow in the present framework.

On March 25 this year, the Grameen Bank founder wrote a letter to French President Nicolas Sarkozy, also requesting him to give more voices to developing countries, as the economic system has been the main reason for widely creeping poverty in many countries.

Dr Yunus has been promoting the possibility of including developing countries like Bangladesh in the group that collectively produces 85 percent of global gross national product, controls 80 percent of world trade (including EU intra-trade) and homes two-thirds of the world population.

In his letter to the French President, the microfinance pioneer voiced his strong concern for reforming the global economic system.

He argued that developing countries should commit to take control of their own future. Through this initiative, developing countries like Bangladesh would be able to contribute directly to the G25 initiatives.

Last year Prof Yunus had a discussion with the French President regarding enhancing the G20 to G25, by including five low-income and developing countries in the group to enable them to propose concrete, visible steps towards a broader approach to economic governance of global issues.

Bangladesh will be part of the specific events France organises as the incumbent chair of G20, said Sarkozy on Tuesday, in response to Yunus’s proposal that his country should be included in the influential group.

As for including Bangladesh in G25, President Sarkozy wrote to Yunus: “Regarding your country, which you are warmly advocating for, we are considering, together with other developing nations, to make Bangladesh part of specific events organised by the French Presidency of G20, even if we cannot extend an invitation to Cannes.”

Sarkozy has offered a three-pronged agenda for France's G20 presidency. This includes tackling volatility in commodity prices, exploring changes to the world monetary system and reforming global economic governance.

He welcomed Yunus’s proposal to enlarge the composition of the Group to allow developing countries to participate. He has also invited the Grameen Bank founder to further discuss these issues and to further enhance the initiative on the issue of poverty and exclusion.

Sarkozy wrote that he was counting on the support of Prof Yunus to progress the work of the G20 in two directions which, as much as Prof Yunus, Sarkozy considers necessary: economic development on one side, and the social aspects of globalisation, on the other.

The French President praised Grameen Bank, which has ensured access to credit for poor people of Bangladesh. “Please allow me to reiterate, once again, how much your model of a "social business" bank, which has enabled poor people in your country to widely access credit, is admired and respected in France,” wrote Sarkozy.

He added: “The world needs innovative projects to fight poverty and inequalities, and the creation of Grameen Bank was an audacious initiative, which has been a source of inspiration for the international community.”

The G20 is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the president of the European Council and by the European Central Bank.

 

[Tiki Tam Tam]

And what has the G 20 resolved?

 

[Roybot]

It will be G21 then.

 

[CaPtAiN_pLaNeT]

How can BD be included?It neither has the size(economically/geographically) nor the level of importance at the world stage.

---------- Post added at 07:23 PM ---------- Previous post was at 07:22 PM ----------


We don't even have Pakistan in G20,Bangladesh is an impossibility then!

Do you know about thesaying "size does not matter chop wood".... similarly here size also does not matter but what matter is the efficiency of its population... n it does not take much time to raise the status of a country... suppose for example what was china in 1980s and india in 1990s... just look at their present prospect now... same way look at indonesia and vietnam.... For bangladesh to achieve such growth and prosperty only what it needs to reduce power shortage and to develop infrastructure... n Bangladesh is working on both and being at the center of india and asean countries where one third of the people of the world live it has a bight prospect if it can utilize it properly. Now Bangladesh is working to be the world's hub of manufacturing after china... If this thing can be materialized then prospect of bd will be changed within decades. Now despite of nmot having enough manufacturing base only depending on garments and foreign remittances bd is achieving more then 6% gdp growth... when other sector such as ship building, pharmaceuticals, IT and software and obviously manufacturing sector will flourish it will get a robust economic growth and more then 10%. Current prospect is 8% by 2013 and 10% by 2017.

Does pakistan has any such prospect to achieve 10% GDP growth in the near future? Its more then decades for the bhartis from achieving 8-9% GDP growth but still they have failed to achieve 10% GDP growth. Now compare other HDI bangladesh is doing better then both India and pakistan in many occasion... in bangladesh woman literacy rate is more then man ... which is 70% with respect to men in India and 55% in the case of pakistan... in the mean time woman enrollment rate in the school is also high in bangladesh which is unparalleled in south asia... right now we have 63% literacy rate as of 2010 which was 49% in 2008... compared to 54% of Pakistan in 2010... by 2030 bangladesh will have 1.5 times graduate then pakistan despite having only having around 70% of the population of pakistan.

Last not the list even though pakistan was in the next 11 country list but the recent new list of 11 countries which will attain much growth and prosperity developed by citi bank excluded pakistan from the list but bangladesh is still there... even though at present consideration growth prospect of bangladesh to many is low but when bangladesh will solve its power crisis all the scenario will change dramatically... as now prospect of bd is low due to lack of production and manufacturing base and those are lacking due to lack of electricity ...

Considering all these and terrorism problem in pakistan bangladesh will be much ahead of pakistan in every dimension within a decades or 2.

---------- Post added at 09:09 AM ---------- Previous post was at 09:08 AM ----------

It will be G21 then.

it has been asked to make g25... read carefully the article.

 

[indianpatriot]

how large is bangladesh's economy ?

 

[CaPtAiN_pLaNeT]

how large is bangladesh's economy ?

Bangladesh 110 billion, pakistan 180 billion, India 1.4 trillion (Nominal Values)

But considering the fact Bangladesh has not utilized all its potential it has much prospect to growth specially in the case of manufacturing as it has lowest labor cost compared to India and China and bd has duty free access to many countries from EU to North america to middle east. Which makes it more lucrative. But pakistan also has lots ofpotential along with nigeria... but terrorism problem in Pakistan and religious division and clash in nigeria made both the country non lucrative. Even though due to oil producing country Nigeria has better prospect as it can earn free money.

 

[TopCat]

I think Bangladesh, Vietnam, Indoneshia should be included right away..

 

[Skull and Bones]

I think Bangladesh, Vietnam, Indoneshia should be included right away..

I think Indonesia deserves it more than anyone.

 

[CaPtAiN_pLaNeT]

Another point currenting bd is 5-6 years behind then pakistan interms of total gdp and per capita gdp as pakistan had the present value of bangladesh in 2004 and 2005. But however bangladesh has achieved around 6 percent gdp growth compared to pakistans 2% last year. This low gdp growth of pakistan may lead to bangladesh to achieve higher economy or similar compared to total population within a decades or 2.

Here is the gdp growth rate of india pakistan and bangladesh chart... look both India and pakistan achieved 10% gdp growth at a certain time but still bd will have to achieve that.

World Development Indicators (subset) - Google Public Data Explorer

---------- Post added at 09:33 AM ---------- Previous post was at 09:32 AM ----------

I think Indonesia deserves it more than anyone.

Indonesia is already there in the G20... know facts before talking and it expected to be 4th biggest economy by 2050.

---------- Post added at 09:34 AM ---------- Previous post was at 09:33 AM ----------

Nigeria, egypt, bangladesh, vietnam and pakistan/philipines can be inculded in the g20.

 

[TopCat]

Bangladesh 110 billion, pakistan 180 billion, India 1.4 trillion (Nominal Values)

But considering the fact Bangladesh has not utilized all its potential it has much prospect to growth specially in the case of manufacturing as it has lowest labor cost compared to India and China and bd has duty free access to many countries from EU to North america to middle east. Which makes it more lucrative. But pakistan also has lots ofpotential along with nigeria... but terrorism problem in Pakistan and religious division and clash in nigeria made both the country non lucrative. Even though due to oil producing country Nigeria has better prospect as it can earn free money.

Forget Pakistan. Thailand also excluded from next 11. I think they renamed it with something i cant recall.
With level of 14% domestic savings (Pakistan) a country cant go anywhere except borrowing and living on aid. No offense to anybody.

 

[Tiki Tam Tam]

On the issue of Indonesia.

The G20 includes of the G7 countries, and eleven other countries (including G8 member Russia), with broad regional balance, for example, with China, Australia, India, and Korea from the Asian region. One of two unfilled country positions was reserved for Indonesia, which would be awarded it once and if its stable democratic transition were completed and current G7 concerns about its political and human rights abuses ended. While other Asian countries, notably Malaysia, were claiming a place, some among the G7 felt that Asian countries such as Thailand would, on the grounds of size and the absence of currency controls, be better suited.
What is the G20?

 

[integra]

Well before this thread breaks up on a full scale economic war
let focus on a specific node. First of all try to understand what his point is

He argued that developing countries should commit to take control of their own future. Through this initiative, developing countries like Bangladesh would be able to contribute directly to the G25 initiatives.

Last year Prof Yunus had a discussion with the French President regarding enhancing the G20 to G25, by including five low-income and developing countries in the group to enable them to propose concrete, visible steps towards a broader approach to economic governance of global issues.

Now the fact is as clear as the blue sky that its not about a countries economical domination. Bangladesh also
leads(as with certain other countries) the movement
for steps to be taken regarding climate change and
our responsibility for a greener environment.

Unfortunately or fortunately we also lead the LDC countries although
for the last 5-6 years we've become a developing country .
So to represent a broader scale the
g25 can certainly think about the option.

Lastly huge thanks to Yunus for continuing his work for Bangladesh,
atleast he's not busy being a keyboard warrior.

 

[Protectionist Gareth]

Not now....maybe in 10 years

 

[desioptimist]

Nothing wrong in allowing bangladesh into G20, but there are other countries which are more eligible and still excluded now(as mentioned above).
Bangladesh is 57th country by GDP (nominal). G20 is not about climate change or scintific or technical knowledge. It is a committee of central banker and finance minister who can coordinate among themselves against any financial issue(like credit crunch, money laundering, terror finance etc).
What finance muscle Bangladesh Bank posses, that 36 countries above it do not possess?

 

[TopCat]

Nothing wrong in allowing bangladesh into G20, but there are other countries which are more eligible and still excluded now(as mentioned above).
Bangladesh is 57th country by GDP (nominal). G20 is not about climate change or scintific or technical knowledge. It is a committee of central banker and finance minister who can coordinate among themselves against any financial issue(like credit crunch, money laundering, terror finance etc).
What finance muscle Bangladesh Bank posses, that 36 countries above it do not possess?

Bangladesh is development partner to more than 30 countries through NGO's. Bangladesh represent 49 countries who heavily depends on bangladesh's negotiating power. BD could influence more countries than India if you did not know.