ASIA'S ROLE IN GLOBAL RECOVERY

China in the past 3 decades has created 370 million jobs, lifting half a billion people out of poverty, and growing by an average 10 percent a year.

And Russia has expressed its willingness to increase its financial backing for the International Monetary Fund as part of international efforts to help Europe cope with its debt crisis.

To put it briefly, Asia can help the globe in financial recovery but can be affected badly by the continued Euro Crisis.

IMF Cheif Christine Lagarde said if countries failed to cooperate in the cause of global recovery, the consequences could be dangerous.

“Our sense is that if we do not act boldly and if we do not act together, the economy around the world runs the risk of downward spiral of uncertainty, financial instability and potential collapse of global demand... we could run the risk of what some commentators are already calling the lost decade,” she said.