Abstract
The global economy has undergone a massive shock due to the COVID-19 pandemic and the Russian invasion of Ukraine. In the aftermath of the global financial crisis, the agenda in the G20 focused on the recovery of the global economy and on fiscal and monetary policies and financial regulation. By the Japanese Presidency summit, the G20 successfully completed ten years since the global financial crisis, and though the summit managed to distance itself from the crisis, there were still downside risks due to global tension emanating from trade wars and geopolitical issues. The global economy faced a much deeper downturn in 2020 than what occurred in 2008, which led to the elevation of the G20 to the summit level. In response to the current COVID-19 crisis, the G20 has taken some measures; however, the response so far has fallen short of what was needed, and more needed to be done. The Italian Presidency chose People, Planet, and Prosperity as the theme for their presidency. The problems that beset the global economy in 2021 included debt, poverty and inequality, access to vaccines, and climate. The Indonesian presidency focused son recovery through Recover Together Recover Stronger. This chapter discusses the problems that beset the global economy in light of the ongoing humanitarian crisis and suggest agendas that India could pursue in its own Presidency in 2023.
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Notes
- 1.
The Riyadh Summit Leaders’ Declaration (November 2020) states that “the G20 Action Plan sets out key principles and commitments to drive forward international economic cooperation as we navigate this crisis and take steps to support the recovery and achieve strong, sustainable, balanced and inclusive growth” (G20, 2020).
- 2.
India was among the worst hit economies in the world due to the pandemic. Hence, recovery should be among the most pressing issues that India needs to pursue. The prospects of recovery in the next few years also looked grim due to the hysteresis effects. Even with a very optimistic growth upturn after COVID-19, it will take many decades to catch up to the pre-COVID-19 growth path (NCAER Quarterly Review of the Economy, September 2020).
- 3.
- 4.
Based on stakeholders’ interaction. The outcome of the US elections has changed this somewhat.
- 5.
A list of earlier G20 summits is presented in the Annexure.
- 6.
For receiving endorsement on these novel ideas, the Sherpa will have to speak to his counterparts in each of the countries and sell the idea much before the summit.
- 7.
These issues and themes have been identified on the basis of the interaction with the stakeholders. The discussion here is brief, since the idea is to flag the issues only. More research is needed on each of these issues.
- 8.
However, there are significant gaps as noted by the Global Findex Database 2021 (Demirgüç-Kunt et al., 2022).
- 9.
It has been suggested that the G20 could coordinate the distribution of the vaccine.
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Annexure: G20 Summits
Annexure: G20 Summits
S. no | Date | Host country | Host city |
|---|---|---|---|
1 | 14–15 November 2008 | USA | Washington, D.C |
2 | 2 April 2009 | UK | London |
3 | 24–25 September 2009 | USA | Pittsburgh |
4 | 26–27 June 2010 | Canada | Toronto |
5 | 11–12 November 2010 | South Korea | Seoul |
6 | 3–4 November 2011 | France | Cannes |
7 | 18–19 June 2012 | Mexico | San José del Cabo, Los Cabos |
8 | 5–6 September 2013 | Russia | Saint Petersburg |
9 | 15–16 November 2014 | Australia | Brisbane |
10 | 15–16 November 2015 | Turkey | Serik, Antalya |
11 | 4–5 September 2016 | China | Hangzhou |
12 | 7–8 July 2017 | Germany | Hamburg |
13 | 30 November–1 December 2018 | Argentina | Buenos Aires |
14 | 28–29 June 2019 | Japan | Osaka |
15 | 21–22 November 2020 | Saudi Arabia | Riyadh |
16 | 30–31 October 2021 | Italy | Rome |
17 | November 2022 | Indonesia | Bali |
18 | TBD 2023 | India | New Delhi |
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Ray, S., Jain, S., Thakur, V., Miglani, S. (2023). The Indian Presidency and G20’s Future Agenda. In: Global Cooperation and G20. Springer, Singapore. https://doi.org/10.1007/978-981-19-7134-1_7
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