At least seven countries of the world hold 80 percent share of the global economy. The representatives of the G7 countries are now gathering in Germany to discuss ways and means to strengthen the global economy and that also for their own interests. According to newspaper reports, the United States is pressing the strong economies such as Germany to invest and stimulate the ailing economies. The most pressing issue before the gathering is to find a solution to Greece’s financial problems and to find ways to cut off financing for extremist organisations. However, the social activists are urging the rich economies to help the poor countries. The Group of Seven, or G7, is meeting against the background of a recovering global economy that faces risks on a number of fronts such as turmoil in the Middle East and Ukrainian which poses potential risks to the global economy. The jobless rate is getting high even in Europe while the members of the European Union and the United States are also at the risk of a recession despite thriving industries. These countries will be definitely affected by the problems in the poor countries. Newspaper reports also suggest that the United States is weighing options whether to start raising interest rates from levels near zero amid fear of inflation in that country. The Greece government is struggling to reach a new bailout deal with creditors despite the fact that it is not a member of the G7 countries.
When G7 countries talks about global economies, they forget the worsening economic conditions in most of the African and Asian countries. The G7 member states are the most industrialised nations, but also part of this world and will have to take steps to boost up the poor economies. Greece is not the only issue of this world.
The time has come the SAARC member state should also shun their differences and take steps to increase economic cooperation. Most of the world’s poor live in India and Bangladesh. Until the governments in these two countries change their attitude and vision, the progress in this region will be a distant dream. Pakistan on its part is enhancing cooperation with Afghanistan and Central Asian states on the westward and it had also offered a hand of friendship to India, but unfortunately India is not ready to accept ground realities at this moment. India has to understand that it can change enemies, but cannot neighbours.
