Zapatero:US, Europe Committed Mistakes Leading to the Financial Crisis

Doha, May 20 (QNA) - Spain's former prime minister Jose Luis Rodreguez Zapatero said on Sunday that the rich countries recorded a growth rate of 17% over the past decade as compared with 82% for developing countries, whereas China's growth doubled 15 times. Addressing the Doha Forum and Enriching the Future Conference, he expected China's GDP to surpass that of the US in ten years. He said that the world was living a state of instability because of the world's financial crisis of 2008 which especially hit the eurozone. He also referred to the crisis impact on the rich countries and the developing world, including rising debts and austerity policies. He admitted that the US and Europe committed mistakes and praised the G20 efforts to control the crisis. "We managed to overcome many difficulties and are prepared to help the Arab Spring countries,'' he said. The Algerian foreign minister Murad Mudalesi warned of the threats globalization poses to global economy, leading to shrinking development opportunities and impeding improving the world economy. Speaking at the forum, he said that the prevailing economic situation in the world has falsified the previous conviction that globalization was the remedy for the world's ills. He said globalization failed in solving many economic problems especially in Africa, where globalization had a negative impact. Mudalesi said that globalization also hurt the rich countries and caused the unprecedented financial crisis, calling for collective solutions by the world community. He also called for rebuilding globalization on collective objectives, away from individual interests. (QNA)