Give rising countries a bigger say in global trade and industry supremacy could help the world economy recover more quickly from the devastation, says World Bank on Friday.
Group 20 (G20) that brings together the world's best developed and emerging economies have emerged as the leading global forum, which represents over 80% of world economic activity, but more than 170 poor countries feel disqualified.
Strong growth forecast from the World Bank on 6% this year in new countries, twice as many mature economies should be documented, Ngozi Okonjo, Iweala, World Bank managing director, told Reuters.
"What it will immediately tell you is that they can make a payment a lot to make up for any of the requirements that are missing from the developed countries, and this is the point that the G20 cannot afford to ignore them," she said on the sidelines of a forum.
High growth in non-G20 countries could be crucial, as Greece's debt troubles threaten to spread to other countries in the Euro zone.
"Just when we thought we had turned the corner there are clouds on the horizon," Okonjo-Iweala said with regard to the issues in Greece and somewhere else in Europe.
Developing countries need access to out of the country markets, to grow faster and G20 must give the development a central place it deserves on its agenda, she added.
"We can imagine not only the Asian tigers, but the African lioness," Okonjo-Iweala said.
"There is money to be made. Companies that invest in low-income countries excessively reap higher returns."
Her call won heavyweight support from South Korea, hosted a meeting of G20 finance ministers and central bank on Friday and Saturday, and a summit of the group leaders in Seoul in November.
SaKong IL, leader of the G20 summit election committee said Korea will make progress on the agenda for the summit in November.
"G20 cannot claim to be a credible and legitimate forum if it does not take into accounts the priorities and concerns of these countries and get their support," said Il.
Education, human resources, communications and promoting private investment was the key developmental issues, "he said.
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