On Wednesday, Angela Merkel, the German Chancellor while speaking at the World Economic Forum Annual Meeting in Davos, said that countries like India and China affecting the world economy much more today and that needs to be taken into account for having a relook at the global trade and financial systems.

She said, “Countries like China and India are affecting the global economy much more today and the global organizations need to take that into account.” In this matter, she has also mentioned the organizations like G20 and the Shanghai Cooperation Organization (SCO).

Ms. Merkel brought a shadow attack at the policies which are being adopted by the countries like the US and said, “There is a new approach in the world that says shouldn’t we look after our own, and ensure that our own are looked after.”

She also quoted that “I have great doubts about this approach. We should always remember that others have their own interests.”

Stating that there are a number of disturbances around the world, she said that the International Monetary Fund (IMF) has represented a gloomy picture of the global economy.

She added that politicians have got a lot to face and the banking industry has also lost a lot of credibility after the financial crisis.

“The global financial system has got damaged quite a bit and we need to do a lot to fix the things,” she said while noting that international bodies such as the World Trade Organization (WTO), IMF and the World Bank have very much contributed to making the world a better place.

She advised that we need to find out how to move forward and to respond to the wake-up call for the world.

 

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