Can the G20 summit address global inflationary concerns?
Updated: Mar 24
Inflation has emerged as a major global concern in the aftermath of the Covid-19 pandemic. The cost of living crisis, as it is commonly referred to, has impacted the everyday lives of citizens across the world.
In November 2022, the Executive Opinion Survey that was carried out by the World Economic Forum's Centre for the New Economy and Society revealed that nearly a third of the G20 nations considered rising prices as the foremost challenge that they have to tackle in the present circumstances.
The G20 Summit of the Heads of State and Government will take place in September 2023 in New Delhi. Central banks across the world are likely to act proactively to ease the inflationary situation by then. However, the conclave can be made use of to conduct high- level dialogues and discussions to create a multilateral framework that can help nations tackle increasing inflation with a better armory in the future.
The present world order is such that even a single crisis or calamity sparks a domino effect that has repercussions across multiple countries. The G20 forum comprises of nations belonging to several levels of the developmental spectrum.
Right from the United States of America (USA) to Turkey and Indonesia, the G20 brings several countries on the same table. There is a lot of hullaballoo that surrounds these meetings, with the media mainly focusing on covering the headline statements delivered by key leaders.
However, nothing impacts a regular person more than the expenditure that they have to pocket for their daily necessities. With the union elections slated to be held merely six months after the G20 summit, one can expect some serious developments that can assist in alleviating the inflationary concerns impacting massive population residing in the G20 countries.
Because regardless of their stature and pedigree, most of the involved nations of the grouping have to deal with the rising prices impediment and they will arguably not come across a better opportunity to collectively address the same.
Tarkesh Jha Xavier Institute of Communications