G20 Bali summit to boost confidence in global economic recovery

Xinhua – The 17th Group of 20 (G20) Summit, scheduled to take place here from Tuesday to Wednesday, is expected to build global consensus and bolster confidence in world economic recovery.

Experts and business leaders worldwide pin their hope on major economies to strengthen coordination on macroeconomic policies and promote multilateralism, openness, inclusiveness and win-win cooperation.

They voiced confidence in China’s active role in the G20 and in its contribution of wisdom to building an open, inclusive and balanced world economy that benefits all.

On the theme of “Recover Together, Recover Stronger,” the G20 Summit will focus on three priority issues, namely, global health architecture, sustainable energy transition and digital transformation.

To strengthen world health systems, the summit is expected to help improve global COVID-19 response and facilitate the transformation of global health infrastructure and contribute to making health systems more resilient, inclusive, equitable and crisis-responsive.

As a new driving force for global economic growth, the digital economy has become critical, said Bambang Suryono, chairman of the Indonesian think tank Asia Innovation Study Center.

In the view of Peter Drysdale, head of the East Asian Bureau of Economic Research and East Asia Forum at the Crawford School of Public Policy at the Australian National University, climate change is an issue of common concern where progress made among major parties. “It’s important that there would be one significant progress on key issues, like cooperation on the climate change issue,” he said.

“For global challenges, we need to find a common solution, and the G20 is the platform where these collective decisions and collective leadership are emphasised upon,” said B. R. Deepak, chairperson of the Center of Chinese and Southeast Asian Studies at the New Delhi-based Jawaharlal Nehru University.

The global economy is susceptible to multiple impacts, one of which is exerted by soaring inflation in a number of countries, both rich and poor. The acute spillover effects of aggressive interest rate hikes by some developed economies have destabilised the global financial market and put emerging markets and developing countries under enormous pressure.

In October, the International Monetary Fund adjusted the projected global economic growth for 2023 to 2.7 percent, down by 0.2 percentage point from its previous forecast in July.

“Today we need international cooperation more than ever. I think what has to be taken to this G20 is a positive approach by leaders that is prepared to engage on these issues in a constructive way,” Drysdale said.

Indonesian Minister for Foreign Affairs Retno Marsudi said during this year’s general debate of the UN General Assembly that the whole world is pinning their hope on the G20 as a catalyst for global economic recovery. “We can not let global recovery fall at the mercy
of geopolitics.”

In 2023, India will assume the G20 presidency, followed by Brazil in 2024. As the rotating presidency takes the lead in designing the agenda of the respective year’s leaders’ summit.