Korea to Host G20 Summit Next Year

Korea will host next year’s Group of 20 summit in November.

Leaders of G20 countries including President Lee Myung-bak decided to hold next year’s event in Korea at their third summit in Pittsburgh yesterday.

In addition, they chose the summit as a crucial forum for global financial cooperation and will hold it every year starting 2011.

In Seoul, the presidential office said Korea will be the first country to host the summit after it becomes an annual event.

Starting off as a system for international cooperation to overcome the global economic crisis in November last year, the G20 summit is a meeting of global leaders whose countries account for 85 percent of the world’s GDP.

The Group of Eight had been leading the global economy, but the G20 took root as a “premier forum” for global economic cooperation on overcoming the global economic crisis, an exit strategy from government stimulus programs, and balanced growth after overcoming the crisis.

Accordingly, next year’s G20 summit in Korea is expected to be one of the country’s most important international events. Host city candidates include Seoul, Incheon and Jeju Island.

Former Economy Minister Sakong Il, who is the chairman of the G20 planning and coordination committee, said, “Korea will play a leading role in discussing and deciding global issues as the host country of the G20 summit.”

On an exit strategy from government stimulus programs to revive economies, President Lee said, “It’s too early to discuss an exit strategy but each country must be thoroughly prepared for implementing one at the right time.”

“To achieve sustainable and balanced growth of the global economy after the economic crisis, we need to rebalance the global economy. More specific measures must be taken by the (International Monetary Fund) with a more specific analysis.”

G20 leaders adopted a summit declaration and agreed to build a “cooperative system for sustainable and balanced growth” to help each country tailor its macroeconomic policies to that end.

yongari@donga.com