Thuppal: World’s poor neglected at recent group of 20

World leaders met in London on Wednesday for the G-20 summit in hopes of alleviating the… World leaders met in London on Wednesday for the G-20 summit in hopes of alleviating the global financial crisis. The leaders of these 20 nations recognized that they face the greatest economic challenge of modern times.

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But something they didn’t take into account was how their actions would influence the lives of the world’s poorest. Given the nations present at the summit, it’s not hard to imagine why.

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By focusing on improving the standing of the world’s richest and most powerful nations, the welfare of the bottom billion was easily overlooked. Given the financial needs of every nation, now is not the time to foster exclusivity.

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Since the start of the economic downturn, the focus in Western nations has been on bank bailouts, bribes and bonuses. The consequences in the United States were far reaching and millions lost their jobs or their homes. Americans were hit hard, but for many, this crisis is far from a matter of life and death.

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According to the World Bank, the economic situation will result in an extra 22 children dying per hour, most will be from the developing world. And that’s the best-case scenario. If problems are allowed to continue, that toll could rise to a child dying every 79 seconds.

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People in Western nations are also at an advantage with respect to their governments. Along with the United States, European nations were able to pour billions into stimulus packages in hopes of revitalizing their economies. Many African nations don’t have that luxury and can only watch as their businesses crumble.

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So who will bear the responsibility of supporting these nations? Given the long list of problems for each country at the G-20 Summit, it will have to be a multilateral effort or none at all.

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Neglecting the world’s poorest people will have consequences that go beyond the borders of their nations. If we choose to ignore the desperate people in China and India, U.S. companies might see a decline in their growth in these rising economies, regardless of their success at home.

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The needs of nations around the world will not be the same and acting otherwise will not solve the issues of global markets. Instead, conferences such as the G-20 summit need to pay attention to the needs of countries and people outside their club.

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Doing so means creating innovative solutions, ones that will recognize that different economies have different needs. Nobel laureate Muhammad Yunus, a pioneer of microfinance, proposed that the G-20 look into creating a fund to offer loans and help boost commerce in poor countries.

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According to Oxfam International, a group of NGOs from three different continents working on a worldwide campaign to fight poverty, about $580 billion is required to create a stimulus in African economies. However, recent reports show that the G-20 has only promised $100 billion from development banks for poor nations, a category that includes more than just Africa. The concerns of the poor have been taken into account, but the response is far from adequate.

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A fraction of what is being poured into Wall Street through bailouts could save the lives of millions. Though executives might think fewer cars and houses for them is a tragedy, such misfortune is eclipsed by the tragedy of children dying of malnutrition.

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The average American probably doesn’t have time to contemplate what economic stimulus packages will do for people on the other side of the globe. That is why it is the responsibility of our leaders to address such issues, especially at a conference meant to help the whole world.

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The measures announced in the past few days will not get any nations out of a recession overnight. And handling the economic problems of the poor will be harder still, especially if they are allowed to fester. That is why the United States and the rest of the G-20 can’t linger. They must act before a solution is beyond reach.

E-mail Hay at hat23@pitt.edu.