A two-day summit conference of the heads of state and government from 20 of the largest advanced and emerging countries in the world started on Tuesday in Bali, Indonesia. Today, on Wednesday, the summit concluded with a joint declaration from the leaders of the G20 Nations. Indonesian President Joko Widodo handed over the G20 presidency to Prime Minister Narendra Modi. Mr Modi while taking over the Presidency said that it is a matter of pride for every citizen in India.
The 17th annual summit was the result of multiple ministerial gatherings and working groups that have spent the last year focusing on important priority issues.
Prospects for the global economy have gotten worse since the summit in Rome in October 2021. 60 per cent of the world's population, 80 per cent of the world's GDP, and 75 per cent of the world's exports are collectively accounted for by the G20 nations. They, therefore, house the forces driving global expansion.
However, as the chart from a recent IMF report on the G20 countries demonstrates, the majority of the G20 member countries have seen sizable output losses since the start of the Covid-19 pandemic. For instance, India would have lost the largest production among the G20 nations—nearly 14% of its overall output.
What is the summit's agenda?
Recover Together, Recover Stronger is the G-20's motto. Despite geopolitical tensions overshadowing the summit, President Joko Widodo has made the pandemic's recovery a top priority. Over the course of three sessions, the leaders had conversations about the security of food and energy, the Health Partnership for Global Infrastructure and Investment, and digital transformation.
Additionally, Mr Widodo took his guests to the Indonesian mangroves of Taman Hutan Raya, which have been restored over a 30-year project spanning nearly 700 acres, in order to highlight the issues surrounding climate change.
Vladimir Putin, the president of Russia, decided not to attend the Bali summit and instead sent Sergei Lavrov as his representative. There are also rumours that the Ukraine dilemma is becoming a roadblock in the process of drafting the summit communique, a consensus document. Volodymyr Zelensky, the President of Ukraine, also addressed the crowd digitally, by snubbing Russia in his 'G19' address.
India's Prime Minister Narendra Modi assumes control of the G20 presidency following the meeting. Next year, India will host the 18th summit.
The G20 or the 'Group of Twenty' is an international forum of nations that come together to address major global issues that face every nation at a macro and at a micro level. The G20 comprises 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the USA and the European Union (EU).
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