Finance
The 17th G20 Summit began on Tuesday in the Indonesian resort island of Bali, with global economic recovery, global health systems, and climate change taking center stage.
Other issues such as digital transformation and food and energy security will be discussed during the two-day summit, which has the theme “Recover Together, Recover Stronger,” according to the Xinhua news agency.
Indonesian President Joko Widodo said during the summit’s opening ceremony that he hopes the summit will serve as a catalyst for inclusive global economic recovery.
The President emphasized that being responsible entails consistently upholding international law and the purposes and principles of the UN Charter, as well as creating win-win situations rather than zero-sum situations.
“We should not divide the world into parts,” Widodo said, urging the world to act wisely, take responsibility, and lead.
The summit takes place at a time when the world is facing numerous challenges, including a fragile economic recovery, a prolonged Covid-19 pandemic, higher-than-expected inflation, and tightening financial conditions in most regions, among others.
The International Monetary Fund forecasted the global economy to grow by 3.2 percent this year and 2.7 percent in 2023, a 0.2 percentage point decrease from the July forecast.
The international community expects major economies to strengthen macroeconomic policy coordination and promote multilateralism, openness, inclusiveness, and win-win cooperation at the summit.
Established in 1999, the G20 is a central forum for international cooperation on financial and economic issues.
Source:OCN
