Korea International Trade Association Chairman Sakong Il says the global economy is suffering from a lack of leadership and the world needs to seek cooperation in economic policies through G20 meetings.

In his speech at Harvard University in the U.S. on Friday, the chairman said that the global economy is in a state of extreme instability and the world cannot rule out the possibility of a double-dip recession. He said the circumstances remind the world of the importance of political leadership in each country and the global system.

Sakong called for a global leadership pursuing financial stability and free trade, saying the hegemony of the global economy is concentrated on a few countries.