Needed: Economic Freedom

In his recent op-ed on the upcoming G-20 meeting in London, President Obama stated that “now is the time to work together to restore the sustained growth that can only come from open and stable markets that harness innovation, support entrepreneurship and advance opportunity.”

In light of the ongoing worldwide economic turmoil, there may be no distinct formula through which to quickly reinstate the unrelenting growth. However, President Obama and other leaders of the G-20 should be reminded that as a fundamental linking element between economic opportunity and lasting prosperity, economic freedom is indispensable in amplifying and cascading the benefits of any plans that may come out of the summit.

As G-20 leaders prepare to meet in London on April 2, they face an unprecedented challenge: The global economy is likely to shrink this year for the first time since the Second World War. The World Bank predicts that during 2009 world trade is likely to record its largest decline since the Great Depression.