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Talking about the new ‘G’

Marwan Muasher's picture

 Potrait of men and children, Mali. Photo credit: World Bank

The other day Bob Zoellick, the Bank’s President, talked about a new “G.” The G-186, also known as the World Bank.

It’s good to see the G-20 assuming a more permanent structure and to note that their influence in the global financial architecture isn’t a blip in history to deal with the current economic crisis.

But at the same time, it’s very important to note that the G-20 doesn’t include the poorest countries. The G-186 brings the poorest voices to the table. And to really be part of the global recovery, which all countries must do for this to succeed, those countries hardest hit will need additional resources. Otherwise, we can forget full recovery.

Another essential ingredient of the recovery is to make sure we do not forget the human aspects of the crisis. We can’t look at recovery in purely numerical terms as the world did during East Asia’s financial meltdown in the late ‘90s. This has a punishing effect on employment, on lives. The world can’t fall into this trap again.

We need to make sure all voices are at the table, and that we equip our fellow humans with all the resources they need to address the economic and social aspects of the crisis.

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