G-20 summit Leaders need stronger domestic action to improve growth

Patrick Artus, global chief economist at Natixis Global Asset Management, made a decision to investigate the anomaly further in an attempt to determine whether or not the economy is really growing as quickly as the government says it is.

Although both China and the United States have downplayed notions of rivalry between their trade and development funding initiatives, potential conflicts will need to managed, and this is something that the G20 could be suited for.

The global economic governance also needs the determination and political will from the G20 countries to carry out key and necessary reforms, such as the 2010 worldwide Monetary Fund quota reforms, and to finalise the long-stalled Doha round of trade talks as soon as possible. Slower expansion of global value chains (GVCs), rising protectionism and the decline in trade-intensive investment components of GDP are a few of the main structural restraints. “The G20 is a good platform for countries to seek compatibility between different agreements and coordination among the various blocs”, says Hongying Wang of CIGI.

“Working with my fellow G20 leaders, we can strengthen the global economy and, in turn, ensure all Canadians have a real and fair chance to succeed”.

“The world will need more worldwide financial institutions that engages in the infrastructure investment – like the Asian Infrastructure Investment Bank (AIIB) – and more private investment”, he said.

The G20 is the premier forum for worldwide economic cooperation, with members accounting for 85 per cent of global output and two-thirds of the world’s population.

Sahbaz attributed the widening gap between the rich and the poor, particularly in the advanced and developing countries, partly to technological transformation, which makes erstwhile routine jobs irrelevant and leads to youth unemployment reaching levels that threaten social stability.

The deadly terrorist attacks in Paris have again shown that the worldwide community must join hands in further stepping up cooperation to fight terrorism, President Xi Jinping said on Sunday.

Chinese President Xi Jinping attends the first session of the 10th summit of the Group of Twenty (G20) major economies in Antalya, Turkey, November 15, 2015. “For those hoping for the G20 to expand beyond financial and economic governance to tackle broader issues such as the worldwide refugee crisis, China’s presidency may fall short”. In 2015, the members of the “troika” are Turkey, Australia and China. “But we have not yet used these resources to integrate large parts of the developing world”, said Sahbaz.

“Think of the distance between the Pacific and the Balkans”.

The endorsement of the renminbi’s internationalization will reflect the push for greater inclusiveness and the right direction for global development, something that can help realize a fairer and more peaceful world.