G20 summit

G20 summit begins with economic recovery, climate change high on agenda

Leaders gather during the G20 leaders summit in Nusa Dua, Bali, Indonesia, Tuesday, Nov. 15, 2022. Dita Alangkara/Pool via REUTERS

Tuesday marked the beginning of the 17th Group of 20 (G20) Summit on Bali Island, with global economic recovery, global health systems, and climate change taking center stage.

Other topics, including digital transformation and food and energy security, will be tackled during the two-day summit with the theme "Recover Together, Recover Stronger."

In his remarks at the summit's opening ceremony, Indonesian President Joko Widodo expressed hope that the meeting will serve as a spark for an inclusive global economic recovery.

The Indonesian president emphasized that being responsible requires consistent observance of international law, the aims and principles of the United Nations Charter, and the creation of win-win rather than zero-sum situations.

"We should not partition the world," Widodo added, urging the international community to act prudently, assume responsibility, and demonstrate leadership.

The summit occurs at a time when the world faces various problems, including the fragile economic recovery, the prolonged COVID-19 epidemic, an inflation rate higher than in decades, and tightening financial conditions in the majority of areas, among others.

In October, the International Monetary Fund anticipated that the global economy will expand by 3.2% this year and 2.7% in 2023, a lower revision of 0.2% from the July prediction.

At the summit, the international community expects major economies to deepen macroeconomic policy coordination and promote multilateralism, openness, inclusivity, and win-win cooperation.

The G20 is a significant platform for international collaboration on financial and economic concerns, having been established in 1999. It consists of 19 nations and the European Union.

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States are the countries involved.

Publish : 2022-11-15 11:35:00

Give Your Comments