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Shaping Global Economic Landscape At 2023 New Delhi Summit

Shaping Global Economic Landscape At 2023 New Delhi Summit

The G20, short for the "Group of Twenty," stands as one of the most prominent international forums for addressing global economic challenges, fostering cooperation among nations, and promoting stability in the international financial system. As we approach the year 2023, the G20 is poised to make history with the upcoming 2023 New Delhi summit. In this blog, we will explore the significance of the G20, its evolution, and the key agenda priorities for the New Delhi summit.

 

The G20: A Brief Introduction

The Group of Twenty, commonly known as the G20, is an assembly of major economies from around the world. This forum was established in 1999 in response to the 1997 Asian financial crisis when finance ministers and central bank governors from 20 significant economies gathered to address the crisis. Since then, the G20 has evolved into a crucial platform for discussing various global economic issues.

The G20 is characterized by its diverse membership, including advanced economies such as the United States, Germany, and Japan, as well as emerging economies like China, India, and Brazil. This composition makes it a representative and influential body, accounting for approximately 80% of the world's GDP and two-thirds of its population.

G20 summit 2023

The 2023 New Delhi Summit: A Historic Event

The 2023 G20 New Delhi summit is slated to be the eighteenth meeting of the G20 and holds exceptional significance. It is set to take place at the Bharat Mandapam International Exhibition-Convention Centre (IECC) in Pragati Maidan, New Delhi, marking not only the first G20 summit hosted by India but also the first one to be held in South Asia.

The Indian Prime Minister, Narendra Modi, will preside over the G20 New Delhi Summit. India assumed the presidency of the G20 on December 1, 2022, with the presidency handover ceremony taking place at the conclusion of the Bali summit in 2022. This presidency transfer signifies India's leadership in shaping the G20 agenda for 2023.

 

Agenda Priorities for the G20 New Delhi Summit

The G20 New Delhi Summit has set forth six pivotal agenda priorities for the G20 dialogue in 2023, each addressing critical global economic issues:

  1. Green Development, Climate Finance & LiFE:

In an era of environmental concerns and climate change, the G20 aims to prioritize green development and climate finance. The focus will be on sustainable practices and financing mechanisms to combat climate change and support Low-Income and Fragile Economies (LiFE).

 

  1. Accelerated, Inclusive & Resilient Growth:

Economic growth that is both accelerated and inclusive is a key concern for the G20. Discussions will center on policies and strategies to achieve growth that benefits all segments of society and is resilient to external shocks.

Economic growth

  1. Accelerating Progress on Sustainable Development Goals (SDGs):

The United Nations Sustainable Development Goals (SDGs) are a global agenda for positive change. The G20 aims to accelerate progress toward achieving these goals, emphasizing the importance of addressing poverty, inequality, and environmental sustainability.

 

  1. Technological Transformation & Digital Public Infrastructure:

The digital revolution is reshaping economies worldwide. The G20 will explore strategies for harnessing technological advancements while ensuring digital public infrastructure benefits all citizens.

 

  1. Multilateral Institutions for the 21st Century:

In an ever-evolving global landscape, the G20 recognizes the need for modernized multilateral institutions. Discussions will center on reforming and adapting these institutions to meet contemporary challenges.

 

  1. Women-led Development:

Gender equality and women's empowerment are critical components of sustainable development. The G20 will focus on initiatives that promote women's leadership and participation in economic activities.

 

G20's Expanding Agenda: A Look into the Future

The G20 New Delhi Summit not only emphasizes the importance of addressing traditional economic challenges but also highlights its commitment to broader global concerns. Prime Minister Narendra Modi has expressed optimism about the G20 countries' evolving agenda under India's presidency.

G20 countries

The G20 is shifting toward a human-centric development approach, aligning with the concerns of the Global South. Key topics of discussion include:

Climate Change: The G20 acknowledges the urgent need to address climate change and its impacts. Strategies for reducing greenhouse gas emissions and transitioning to clean energy sources will be central to discussions.

Debt Restructuring: The G20's Common Framework for debt restructuring is expected to feature prominently in talks. Debt relief for developing nations is crucial for their economic stability and sustainable development.

Global Cryptocurrencies: As cryptocurrencies gain prominence, the G20 will likely delve into the regulation of global cryptocurrencies to ensure financial stability and consumer protection.

 

Historical Context: The G20's Journey to India

The road to India hosting the G20 summit in 2022 took a few twists. Originally, India was scheduled to host the G20 summit in 2021, but Prime Minister Narendra Modi proposed that Italy host it in 2021, while India would host it in 2022, coinciding with the 75th year of India's independence. Italy agreed to this arrangement, further strengthening bilateral ties.

However, a request by the Indonesian Foreign Minister Retno Marsudi led to a change in plans. Indonesia would also chair the Association of Southeast Asian Nations (ASEAN) in 2023, and to accommodate this, India and Indonesia exchanged their G20 presidencies.

 

Opposition and the "We20 People’s Summit"

As the G20 New Delhi Summit approaches, it has not been without its share of opposition. A counter-summit called the "We20 People’s Summit" was held in Delhi on August 18, 2023. This event saw participation from various people's movements, trade unions, and civil society organizations, with the goal of criticizing the G20's perceived neoliberal and exclusionary nature.

Critics also pointed out concerns about the event's environmental impact, with accusations of insufficient efforts to protect the environment and concerns about the government's use of the event for political purposes. The event faced challenges, including police blockades and an early conclusion due to permission denials.

 

Conclusion: G20's Continued Relevance

The 2023 G20 New Delhi Summit is on the horizon, promising to address pressing global economic issues and foster cooperation among nations. As India takes its turn in the G20 presidency, the world looks to this diverse group of economies to provide leadership and solutions in an ever-changing global landscape.

The G20's expanding agenda, emphasis on inclusivity and sustainability, and its willingness to address contemporary challenges, including climate change and digital transformation, underscore its continued relevance on the world stage. As the G20 convenes in New Delhi, the outcomes of this summit will shape the global economic landscape for years to come, further solidifying the G20's role as a crucial forum for international cooperation and economic stability.
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