We all have our own personal definitions of what the economic summit is, but it certainly has something to do with the World Economic Conference takes place in Dalian, Italy from July 2021 through late summer. Many nations are participating and many more are watching closely to see what the conference will bring to the world when it convenes. The purpose behind the economic summit is to stimulate economic growth around the world, which can only benefit those countries which participate in the gathering. Some of the nations that wish to participate are; Japan, Germany, China, the European Union, the United States, the Organization for Economic Co-operation and Development (OECD) and other nations.
The host country for the conference is set out in the book of each member nation as an economic powerhouse that can help pull up other nations to join the economic summit. This is a great concept, but only if each nation actually does what it says that it will do. It is not enough just to say you are going to participate in the economic summit. There has to be specific actions that are done and measurable goals that are met before the summit will prove successful or a failure.
For example, if Japan wants to contribute to economic growth and employment in Europe, then they need to increase the number of workers they hire so that the Eurozone can absorb them. At the same time, there needs to be a commitment by the EU not to reduce its budget. If Japan does not start increasing the number of workers it hires, then it may find itself cutting back on spending on investments needed for economic growth, which would hurt its ability to participate in the economic summit. In addition to reducing its budget, Japan needs to invest more into research and development.
Germany is not a powerhouse in the economic area, but it is important to other nations as a leading economic power. If other nations see Germany as being too willing to sacrifice economic growth for political reasons, then other countries may choose not to participate in the economic summit. Germany needs to get this message across to other nations in the European Union. If it cannot get the message across to other EU nations, then perhaps the EU will decide to create its own economic model to compete with the emerging economies in the future. The EU will have to show restraint if it is to survive the economic downturn.
Leaders from all of the major countries in the world will be attending the economic summit. Germany is trying to woo other nations to increase their economic output, while others are worried about deflation and the rising costs of living. There will be many issues that arise at the summit, and each nation has different strategies for dealing with the economic downturn. The best thing that each leader can do is put forward a concrete plan for economic growth and employment during the summit. This is the only way that each country will be able to tell its fellow members that cooperation is the only way to fix any problems within the organization.
If the EU wants to continue participating in the economic summit, then leaders should sit down with each other and formulate an agreement on how they can work together to solve the current economic crisis. It is time that the EU uses its political might to solve the economic crisis instead of pointing fingers. It may seem too excessive for some leaders, but economic cooperation and leadership is what the EU was founded on and it needs to continue using this style of leadership. If the EU nations stick to their guns, then they should expect results and they will get them at the next summit.