G20 commit to addressing global economic challenges

Sunday, June 30, 2019

G20 leaders have committed to make united efforts to address major global economic challenges.

The leaders made the commitment as they concluded the two-day summit in Osaka, Japan, on Saturday.

In a statement, the leaders said they would work together to foster global economic growth, while harnessing the power of technological innovation, in particular digitalization, and its application for the benefit of all.

They also vowed to continue building on work done by previous presidencies.

“We will strive to create a virtuous cycle of growth by addressing inequalities and realize a society where all individuals can make use of their full potential,” they said.

They added that they are resolved to build a society capable of seizing opportunities, and tackling economic, social and environmental challenges, presented today and in the future, including those of demographic change.

“We will further lead efforts to foster development and address other global challenges to pave the way toward an inclusive and sustainable world, as envisioned in the 2030 Agenda for Sustainable Development,” they said.

In the statement, the leaders acknowledged that global growth appears to be stabilising, and is generally projected to pick up moderately later this year and into 2020.

“This recovery is supported by the continuation of accommodative financial conditions and stimulus measures taking effect in some countries. However, growth remains low and risks remain tilted to the downside. Most importantly, trade and geopolitical tensions have intensified. We will continue to address these risks, and stand ready to take further action,” they said.

The leaders reaffirmed their commitment to further strengthening the global financial safety net with a strong, quota-based, and adequately resourced International Monetary Fund (IMF) at its centre.

“We support the progress made on work to follow up the Eminent Persons Group (EPG) proposals, including on country platforms, and efforts by the World Bank Group (WBG) to enhance risk insurance in development finance. We welcome the work undertaken by the international organizations on capital flows. The OECD has completed its Code of Liberalization of Capital Movements. We will continue our work on the EPG’s proposals, recognizing their multi-year nature,” they said in the statement. – SAnews.gov.za