How to build on the recent resiliency of the global economy through the G20

By flymultimediaghana Mar10,2024
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It seems appropriate that this week’s G20 meeting of central bank governors and finance ministers will take place in the renowned Oscar Niemeyer-designed Sao Paulo Biennale Pavilion. Its powerful façade and flowing lines serve as a testimony to the bravery of modern Brazil.

How to build on the recent resiliency of the global economy through the G20
How to build on the recent resiliency of the global economy through the G20

I hope this historic event inspires the G20 to take audacious action as well. The global near-term prognosis has recently improved, giving G20 leaders a chance to rekindle policy momentum and focus on a future that is more just, prosperous, sustainable, and cooperative.

With prices declining and labor markets maintaining stability, we anticipate that global GDP will reach 3.1 percent this year following several years of shocks. This adaptability serves as a basis for turning attention to the medium-term patterns reshaping the global economy.

Certain innovations, including artificial intelligence (AI), have the potential to increase efficiency and enhance economic prospects, as our latest report to the G20 demonstrates. Our medium-term growth forecasts have dropped to their lowest point in decades, so we desperately need them.

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Everyone is impacted by low global growth, but emerging markets and developing countries are especially vulnerable.

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