Expectations low for G8

TOKYO, July 6 (UPI) -- World leaders headed for the Group of Eight summit in Japan knowing there is little they can do about the world economy, a leading economist said.

Tim Condon, chief Asia economist for ING Financial Markets in Singapore, told the Los Angeles Times the relative importance of the countries in the G8 is shrinking and the meeting's relevance is "questionable."

"This is going to be one of those events that shift people's thinking about the world," he said.

Shi Yinghong, director for American Studies at People's University in Beijing, agreed.

"Honestly, there's no one who can give a global solution," Shi said. "Many countries don't even have a solution for their own domestic problems."

The G8 leaders, including U.S. President George W. Bush, have played down expectations for the meeting, which is scheduled to get under way Monday on Hokkaido.

Thousands of protesters are expected and plans call for tight security.