G20 meet presages new global economic order

The recently concluded London G20 financial summit released a communiqu vowing to wield all policies to ensure the world economy gets back on track by the end of 2010.

The summit also promised to raise aid through the International Monetary Fund (IMF), beef up financial regulation, curb protectionism, and together assume responsibilities to deal with the crisis.

Amid waning global economy, heavyweight international organizations, including the IMF, the World Bank, and the Organization for Economic Cooperation and Development (OECD), all forecast that the world economy will shrink this year, the first contraction since World War II.