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DAILY NEWS ANALYSIS

  • 23 November, 2022

  • 7 Min Read

About G-20 Summit 2022 in Egypt

About G-20 Summit 2022, in Egypt

  • The Indonesian G20 presidency recently hosted the 17th annual G-20 conference in Bali with the motto "Recover Together, Recover Stronger."
  • As of right now, India is in charge of the G20 presidency, and the 18th summit will take place there in 2023.

What were the Summit's results?

Russian aggression is condemned:

  • Member nations agreed on a statement condemning Russia's aggression in Ukraine "in the strongest terms" and calling for an immediate and complete withdrawal.
  • They acknowledged that although the majority of members had expressed their opposition to the war in Ukraine, "there were alternative opinions and differing appraisals of the situation and sanctions."

Emphasis on the global economy:

  • In a departure from last year's focus on healing the wounds left by the Covid-19 outbreak, the G20 economies agreed in their communiqué to pace interest rate rises cautiously to minimise spillovers and warned of "greater volatility" in currency fluctuations.

Food Security:

  • The leaders praised the Black Sea grains project and pledged to take joint measures to solve issues with food security.

Climate Change:

  • G20 leaders affirmed their support for the Paris Agreement's temperature objective by agreeing to continue efforts to keep the rise in the global temperature to 1.5 degrees Celsius.

Promoting digital solution:

  • Leaders have acknowledged the significance of the digital transformation in achieving the sustainable development goals.
  • They promoted international cooperation to enhance digital literacy and skills in order to maximise the benefits of the digital transformation, particularly for women, girls, and those who are vulnerable.

Health:

  • Leaders reaffirmed their dedication to fostering a healthy and long-lasting recovery that will contribute to achieving and maintaining universal health care.
  • They applauded the World Bank's creation of the "Pandemic Fund," a new financial intermediary fund for pandemic prevention, preparedness, and response.
  • The World Health Organization (WHO), with assistance from other international organisations, has reaffirmed the commitment of world leaders to strengthen global health governance.

What are the G-20 Member Countries' Challenges?

Russian invasion of Ukraine's effects

  • In addition to greatly increasing geopolitical ambiguity, Russia's invasion of Ukraine has also significantly increased worldwide inflation.
  • The concomitant Western sanctions have made the situation worse.
  • The erosion of purchasing power across these nations due to persistently high inflation, which is at historic highs in numerous countries, has slowed down economic growth.

Effect of escalating inflation

  • Globally, central banks have increased interest rates in reaction to excessive inflation, which has further slowed down economic growth.
  • Some of the greatest economies, including the US and the UK, are predicted to go into recession; others, like those in the euro region, are predicted to virtually come to a complete stop.

Significant Economic Slowdown:

  • One of the main forces driving global economy, China, is experiencing a significant downturn as it battles a real estate crisis.

Developing Geopolitical Rifts:

  • Geopolitical conflicts, such as those between the world's two largest economies, the US and China, or the drop in trade between the UK and the Euro area following the Brexit vote, are having a negative impact on the global economy.

About the G20.

  • In 1999, against the backdrop of the late 1990s financial crisis that mostly affected East Asia and Southeast Asia, the G20 was established.
  • Middle-income nations are encouraged to participate in order to ensure global financial stability.
  • The G20 countries collectively account for 60% of global population, 80% of global GDP, and 75% of worldwide commerce.
  • Argentina, Australia, Brazil, Canada, China, Denmark, Finland, France, Germany, Greece, Hong Kong, Italy, Japan, Republic of Korea, Mexico, Russian, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, and EU are members.

Way Forward

  • The G-20 nations' first task is to control the galloping inflation.
  • Governments must nevertheless find measures to assist the weak without necessarily increasing debt levels. The need to closely monitor external hazards would be a major issue in this regard.
  • A strong, sustainable, balanced, and inclusive recovery necessitates G-20 cooperation, and this cooperation necessitates "helping prevent future disintegration" in addition to maintaining peace in Ukraine.
  • The G20 leaders must advocate for "more open, stable, and transparent rules-based commerce" in order to overcome the world's current lack of products.
  • Increasing the global value chains' resilience would assist safeguard against upcoming shocks.

Source: The Hindu


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