Business 20 G20 – Medan, Indonesia – The world’s largest economic forum, the G20 is tasked with solving some of the toughest problems facing the global economy.
The list of challenges facing the leading economic clubs in this year’s Head and Heads meeting in Bali is tougher than usual.
Business 20 G20
Inflation is at its highest level in 40 years in many countries as the war in Ukraine and China’s “zero COVID” policy disrupt supply chains.
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As central banks raise interest rates to tame runaway prices, there are fears the world could soon turn from a cost-of-living crisis to a global recession.
Meanwhile, the United States, China and other leading economies are calling for urgent action to avert the looming climate crisis.
Meanwhile, despite the summit’s upbeat theme of “recovering together, rebuilding stronger,” the prospects for cooperation at the first summit since the invasion of Ukraine look dim as the U.S. and its allies face growing tensions with China and Russia. .
Senior economist Trinh Nguyen said the issue of inflation, as well as reducing our carbon footprint for longer-term sustainable development, requires global coordination, which is difficult in an increasingly fragmented world with growing geopolitical tensions. for Emerging Asia at Natixis in Hong Kong, told Al Jazeera.
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“So the challenge for the G20 is to bring together leaders who differ in geopolitics to find common positions and solutions to the short-term and long-term crisis.”
Inflation is more important than other issues because it “affects families, which are more expensive for families,” Nguyen said.
Another challenge for the G20 is building global supply chains that are less vulnerable to geopolitical shocks such as Russia’s invasion of Ukraine, Nguyen added.
The International Monetary Fund estimates that inflation will rise steadily throughout the year, reaching 8.8% in 2022 and 4.7% in 2021, due to a combination of factors such as the COVID-19 pandemic and supply chain disruptions. , the war in Ukraine and rising fuel prices.
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The 20-nation bloc, which includes 19 countries and the European Union, has struggled to find consensus on the cost-of-living crisis, with finance ministers and central bank chiefs scrapping plans in July to tackle inflation and global food and supply issues. Economic growth has slowed due to disagreements in Ukraine.
Summit host Indonesia has tried to maintain the neutrality of the forum, rejecting calls from Western countries and Ukraine to exclude Russia and highlighting the potential for cooperation on food and energy security.
In a newspaper interview last week, Indonesian President Joko Widodo lamented the possibility of geopolitical tensions overshadowing the summit, which he said was “not a political forum.”
At the G20 finance ministers’ meeting in Washington in April, representatives of the United States, Britain and Canada walked out of a closed-door meeting and Russian representatives began speaking.In July, Russian Foreign Minister Sergei Lavrov pulled out of the G20 talks. After Indonesia criticized Russia’s invasion of Ukraine.
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Russian Foreign Minister Sergei Lavrov will represent Russia at the G20 summit in Bali [File: Dita Alankara/Pool via Reuters]
Russian and Indonesian officials confirmed last week that Russian President Vladimir Putin would not attend the summit and that Lavrov would represent him instead. But Putin is expected to attend at least one meeting. US President Joe Biden and Chinese President Xi Jinping will both attend, with the two leaders scheduled to meet face-to-face for the first time on Monday ahead of the summit. Other high-profile attendees included Indian Prime Minister Narendra Modi and Japanese Prime Minister Fumio Yoshida.
Radito Dinputra, a professor of international relations at Aerolanga University in Surabaya, Indonesia, said the main challenge at the summit was to find a way to encourage some positive action in relations between Russia and Ukraine.
He said Russia may have viewed the invitation to attend the summit as a trap because Putin’s participation would likely be boycotted by Western leaders.
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In June, Widodo made a diplomatic effort to visit Ukraine and Russia to broker peace talks and allow grain exports to flow freely.
The following month, Russia, Ukraine and Turkey signed the United Nations-brokered Black Sea Grain Initiative, which aims to ensure safe shipments of grain and other foodstuffs from Ukrainian ports.
“Indonesia now only wants to build trust, but that is not possible during the war,” Dharamputra said.
“Obviously, Indonesia is continuing to build trust with ASEAN through informal meetings, meals, golf and coffee. But it’s also difficult to make it work for different conflicts and cultural backgrounds.”
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Indonesian President Joko Widodo lamented the possibility of geopolitical tensions overshadowing the G20 summit.
University of Queensland political economist Shahar Hamiri said energy would be a focus of the summit because the war in Ukraine highlighted the power of energy-producing countries to influence the prices of others.
“Some of these are members of the G20, including Russia itself of course, but also Saudi Arabia and Indonesia,” Hamiri told Al Jazeera.
“The U.S. is outraged by this because, in favor of Russia, many producing countries did not increase production to raise prices.”
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Another important issue he hopes the G20 will discuss is debt restructuring for developing countries facing financial difficulties, Hamiri said.
“The G20 has been trying to reconcile this for a while, but the scale of the debt problem has gotten bigger recently as the Federal Reserve has raised interest rates to combat domestic inflation,” he said.
Despite the scale of the challenges and political conflicts, some observers saw room for optimism in the G20’s ability to address issues of common concern.
Dandy Rafitrandi, an economist at the Center for Strategic and International Studies, said the forum has achieved successes in recent years, including moratoriums on debt payments to poor countries and providing financing to countries with acute mobility shortages during the pandemic.
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“The G20 Financial Channel discussed several follow-up initiatives, including the previous president’s Debt Service Suspension Initiative (DSSI) and Special Drawing Rights (SDR), which aim to protect developing countries from macroeconomic stress. COVID-19 and rising food and energy prices,” Rafitrandi told Al Jazeera.
“However, Indonesia’s G20 legacy this year will be the successful establishment of the Pandemic Prevention, Preparedness and Response Financial Intermediary Fund (PPR FIF) managed by the World Bank in partnership with the World Health Organization (WHO). Referring to the initiative aimed at helping low- and middle-income countries strengthen pandemic preparedness, the 20th business summit will begin in Gandhinagar on the first three days, while the remaining 14 sessions/events will be held in Ahmedabad, Surat and other cities. , Statue of Unity in Kevadia, Dordo in Kutch
As part of India’s G20 Chairmanship, the Business 20 Inaugural Summit is being organized in Gandhinagar from January 22, 2023. | Photo credit: PTI
As part of the G20 presidency, more than 600 delegates gathered in Gujarat’s capital Gandhinagar on Sunday to discuss climate change, innovation, global digital cooperation and sustainable global value chains. .
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The B20 India 2023 Dialogue is being held under the theme ‘RAISE’, an acronym for Responsible, Accelerated, Innovative, Sustainable and Equitable Industries.
“From the three-day summit, a total of 15 G20-related events will be held in Gujarat,” said Gujarat Principal Secretary (Economic Affairs) Mona Khandar, who has been tasked with coordinating the event.
A plenary session of the B20 will be organized at the Mahatma Mandir Convention Center in Gandhinagar on Monday and will be attended by Union Commerce Minister Piyush Goyal, Railway Minister Ashwin Vaishnav, Gujarat Chief Minister Bhupendra Patel and India’s G20 Sherpa Amitabh Kant.
According to Ms. Khandar, Gandhinagar will host the first three days while the remaining 14 meetings/events will be held in various cities including Ahmedabad, Surat, Statue of Unity in Kewadia and Dordo in Kutch.
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In Kutch, the first meeting of the G20 Tourism Working Group will be held from February 7 to 10, while a similar event of the Urban Development 20 will be held in Ahmedabad from February 9 to 10.
The Cities 20 conference is expected to be attended by mayors and representatives of the Group of 20 countries, C40 (Cities Climate Leadership Group), UCLG (United Cities and Local Governments) member cities and observer cities.
Delegates will be briefed on the Gujarat government’s transformational initiatives to drive cleaner, greener and more inclusive economic growth.
He added that the delegates at the event came from top business groups, think tanks and universities, policy makers, bureaucrats and others. G20 leaders pose for a family photo at the Group of 20 summit in Buenos Aires, Argentina on November 30, 2018. | Photo credit: MARCOS BRINDICCI
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