'Interdependence in a globalised world means that no country, however powerful it may be, can take on the entire burden of economic adjustment and economic decision-making,' he said.

'It is that perception and that reality which has, I think, persuaded many people in Europe and the United States that this G8 is ill-equipped to handle all the global issues,' he said.

The just concluded G-20 summit of world's top economies, reflecting 90 percent of global economic output, agreed to make the group the premier forum for decisions affecting the world economy, eclipsing the G8.