Modernizing Multilateralism

While today’s crises reflect the lightning speed of an interconnected world, globalization also offers great opportunities to overcome poverty, increase opportunity, and create open societies. But only with a new multilateralism can we expand the availability of these opportunities to all.

WASHINGTON, DC – 2008 will be remembered as a year of extraordinary turmoil. The financial crisis came on the heels of food and fuel crises. Now the world is in the midst of an economic crisis, which will lead to many job losses. Virtually no country has escaped. We are moving into a new danger zone, with heightened risks to exports and investment, to credit, banking systems, budgets, and balances of payments. In 2009, we may see the first decline in global trade since 1982.