The first area covers financial development, trade, When Germany took over the G20 presidency in December, it officially announced the priorities of the international forum for 2017, including three pillars: building resilience, improving sustainability, and assuming responsibility.
Today’s global economy is still operating in the shadow of the 2008-2009 financial crisis.
The rise of global challenges is accompanied by a fragile and fragmented global order.
While the financial crisis and resulting economic instability highlighted the need to include key emerging economies in global economic management, this awareness has not translated into clear institutional change, leaving the traditional global economic governance architecture largely the same.
The G20 therefore represents a natural bridge between developed and developing countries, and is one of the most effective platforms for pursuing inclusive and sustainable development.
The G20 currently holds power and influence over both the global economy and national economies.
On the one hand, the influence of emerging and developing countries, such as China, India, and Russia, in the global economy has tellingly increased.
In the 1990s, the top 10 trading economies were all developed economies; however, over the last decade emerging economies have become significant exporters.
Since 2012 emerging and developing countries have provided about one-third of global FDI.
The need to strengthen and develop inclusive, transparent and accountable institutions is more important and pressing than ever, as is the inclusion of the voices from the developing world in the global decision-making process.