The fifth G-20 summit opens in the South Korean capital Seoul, where topics like exchange rates, global financial securities and institutionalized reforms will dominate the agenda. Ahead of the Summit, South Korean President Lee Myung Bak said, the Summit should not overlook the poorest countries, while debating to re-balance the global economy. He said, helping the poorest of the poor can contribute to global re-balancing and growth. He said, as Korea steps forward to become the first emerging economy to host a G-20 summit, it brought the agenda of development to the forefront. The President said, the experience of many new members of the G-20, including Korea, China, India and South Africa also demonstrates that the most effective cure for poverty is economic growth. He added that as much as 97 percent of long-term poverty reduction is due to growth of average incomes, driven by economic expansion. On the other hand, US President Barack Obama defended his administration's actions to boost the US economy and said that strong growth and job creation will be the most important American contribution to global economic recovery.