Basic Economics Series part 10 (International Economic Organizations)

World Trade Organisation(WTO) was setup in 1955 to regulate and monitor the international trade. It also settles the dispute arising due to international trade. It has its headquarters in Geneva, Switzerland.

The International Monetary Fund (IMF) is an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world(Source: IMF website).IMF was setup in 1944 and has its headquarters in Washington DC, United States Of America.

World bank is a international Financial institution that offers loan to developing countries for capital formation in order to reduce poverty. It was setup in 1944 and has its headquarters in Washington DC, United States Of America.

United Nations Development Programme (UNDP) is united nation’s organisation that was setup in 1965 to achieve global development. It releases Human Development Index(HDI) every year since 1990. HDI ranks countries based on their development. India ranks 135th in human development index, even though india is 3rd largest economic power in the world in terms of Purchasing power parity. Why? HDI is not about economic development it is all about common man’s growth and development in the country. HDI has three key components: (i)Average Life expectancy (ii)Expected years of schooling (iii)Per capita Income.  India’s per capita is very low when compared to other countries. UNDP has its headquarters in New york, United states of America.

Organisation for Economic Co-operation and Development(OECD) is an international economic organization of 34 countries that was founded to increase the economic growth. Almost all the members of the OECD are developed economies.

Famous Group of Economies:

South Asian Association for Regional Cooperation (SAARC) is an group of 8 countries of south Asia. Members of SAARC are Afghanistan, Nepal ,India,Pakistan, Maldives, Bhutan, Bangladesh, Sri Lanka and Mnemonics to remember them is “AN IP MBBS”.IP is term to represent unique internet adress. So consider an MBBS student using Internet to remember all SAARC countries. SAARC has its headquarters in Kathmandu,Nepal.

BRICS is an group of 5 developing economies and they are Brazil, Russia, India, China, and South Africa. Even though BRICS is a small group, it represents over 40%  of the world population. Last BRICS summit was taken place in Brazil.

G-20 is a group of 19 countries and European union. Each country is represented by its head, finance minister and central bank governor. Members of the G-20 countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia,South Africa, South Korea, Turkey, the United Kingdom ,the United States and the European Union.

G-8 was a group of 8 advanced economies in the world along with the European Union(EU) . Members of G-8 are Canada, France, Germany, Italy, Japan, United Kingdom, USA and European Union. Recently,Russia’s membership in G-8 group was suspended due to Crimea crisis issue.  So presently G-8 has 7 advanced countries along with EU.

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