G20 Cooperation Crucial to World’s Common Future

By Caribbean Business Report| Editorial credit: Michael Derrer Fuchs / shutterstock.com 

The UN Trade and Development chief calls for collaborative action from the Group of 20 to safeguard global growth and shared prosperity. G20 economic cooperation is more vital than ever in a world of low growth, soaring debt, high uncertainty, weak trade and low trust. Comprising the world’s major economies, the G20 represents 85% of world GDP, 75% of international trade and two thirds of the global population. “The greatest risk to growth is our failure to imagine a common future,” UN Trade and Development (UNCTAD) Secretary-General Rebeca Grynspan tells G20 finance ministers and central bank governors meeting in Cape Town, South Africa on 26 and 27 February.

 Atop their meeting agenda is the 4th International Conference on Financing for Development that the United Nations will convene in July 2025. Making financing and development mutually reinforcing At best, financing and development can benefit each other, creating a virtuous cycle that builds productive capacity, creates jobs and spurs growth. But this cycle is currently broken amid global economic uncertainties, Ms Grynspan warns in her remarks. According to UN Trade and Development analysis, global foreign direct investment posted a fall of 8% in 2024, while investments in sectors crucial to sustainable development dipped by 11%

- Advertisement -

  #CapeTown, #CentralBankGovernors, #CollaborativeAction, #CommonFuture, #EconomicCooperation, #EconomicRisk, #FinanceMinisters, #G20Meeting, #GlobalChallenges, #GlobalEconomy, #GlobalGrowth, #HighUncertainty, #InternationalTrade, #LowGrowth, #LowTrust, #RebecaGrynspan, #SharedProsperity, #SoaringDebt, #SustainableGrowth, #UNCTAD, #WeakTrade, #WorldGDP, g20