Challenges before G20 Summit
The agenda for G20 Summits, comprising the largest economies of the world, traditionally focuses on major challenges to the global economy. The core...
The agenda for G20 Summits, comprising the largest economies of the world, traditionally focuses on major challenges to the global economy. The core objective for the Summit in Russia this month is the development of a “set of measures aimed at boosting sustainable, inclusive and balanced growth and jobs creation around the world”. The eight key areas on which deliberations will focus are: Framework for strong, sustainable and balanced growth; jobs and employment; energy sustainability; development for all; international financial architecture reform; enhancing multilateral trade; strengthening financial regulation and fighting corruption.
This Summit is being held at a time when economic disparities are increasing with rising unemployment, unsustainable development, displacement and deprivation induced by development, large-scale tax evasion and unfair trade practices. The world never had so much wealth before or so many disgruntled people. The four key factors responsible for this growing disparity and unsustainable development seem to be a growth pattern paradoxically leading to greater inequality; a mindset that is increasingly treating nature as personal asset and not a common resource; the inability of the poor to access capital and, finally, the emergence of a world order mired in corruption and tax frauds.