A Quick Guide On The Theme Of the 2016 G20 Summit

Global economic cooperation is enabled through the G20, the world’s most influential forum for international economic cooperation and a method of maintaining the stability of the global economy. This is a vital responsibility for the organisation. These countries must deal with economic risks and problems, contribute to global economic growth, promote global economic governance, and ensure that development advantages are shared equally among all citizens. Based on the concept that a strong collaboration between members and outsiders should underpin the world’s economy, the World Economic Forum was established.

2016 was when China and the rest of the G20 collaborated to strengthen and cement the group’s relationship, fully implement promises made at the Antalya Summit and prior summits, and increase the G20’s decision-making skills and effect. G20 leaders must confront urgent concerns, create new ideas, and work together to ensure that the global economy continues to advance in the appropriate direction given the present circumstances.

The 2016 theme for the G20 Summit

During their meeting in Hangzhou, China, the leaders of the Group of 20 will discuss how to improve international economic cooperation. “Towards an inventive, re-energized, networked, and inclusive global economy” is the topic of the 2016 World Economic Forum in Dalian, China. Preparation meetings with the Sherpas will occur four times before the Summit; a follow-up meeting will occur following the Summit. There will also be four meetings for Finance Ministers and Central Bank Governors and six sessions for finance deputies, all of which will be convened to move the economic agenda ahead. The G20 trade, employment, energy, and agricultural ministers’ meetings and pertinent working group meetings will encourage cooperation in their respective sectors and produce deliverables for the G20 Summit in September.

Making Way for Growth

Since the onset of the global financial crisis in 2008, a great deal has changed. According to the Group of Twenty (G20), efforts to integrate fiscal and monetary policies are essential for stabilising the global economy and accelerating global economic growth. This organisation was founded in 2009, after the end of the Pittsburgh Summit. The plan aimed to achieve strong, sustainable, and balanced growth to achieve long-term sustainability. The Brisbane Comprehensive Development Plan, which was enacted in 2015, resulted from many people’s efforts in 2014. During the G20 Summit in Turkey, it was agreed that significant efforts would be necessary to attain these goals. It was as follows what they had to say.

The goal of the G20 should be to preserve a spirit of collaboration that is mutually advantageous to all parties engaged in the process. The collaboration of macroeconomic policymakers in identifying and mitigating possible hazards and promoting economic growth would help to increase macroeconomic policy coordination and cooperation. We should also execute an innovation-driven development strategy, deepen structural forms, increase total factor productivity, and provide a new impetus to Strong and Balanced Growth during this process. –

Global Economic and Financial Management that is more effective and efficient

Global economic governance issues, which the G20 has been attempting to correct for a long time, had a role in the poor performance of the global economy in 2008. In the G20, members are concerned with ensuring that emerging market economies and developing countries that have not achieved the same level of success as other countries have a role in how the world’s economy operates. It is anticipated that global economic governance and economic development would benefit from this decision.

At each G20 meeting, many individuals attempted to influence the International Monetary Fund and other international organisations. Even if some adjustments have been made, many more still need to be changed. At both summits, all parties agreed that the IMF’s resources needed to be increased. As a result, the market became more stable. The Financial Security Board, which oversees financial regulation in the United States and other nations, has established new guidelines for how financial regulation should operate. As a result, the Global Forum on Transparency and Automatic Exchange of Information for Tax Purposes was established, given the moniker “Global Forum.” It facilitates the collaboration of nations on issues such as the automatic sharing of tax information, BEPS, and other issues that must be resolved between them.

This contributes to establishing equitable international tax standards and establishing a framework for nations to collaborate on tax issues. The Brisbane Summit, which took place in Australia, adopted the G20 Principles on Energy Cooperation, which were agreed upon. The G20’s ability to play a role in global energy regulation is a significant step in the right direction. It is almost certain that the world’s economy will continue to develop when fair and equal regulations are in place for the world’s economy. The G20 must adapt to the changing environment.

Conclusion

It was the ninth meeting of the Group of Twenty, which took place in Hangzhou, China, on September 25, 2016. (G20). Headed to Hangzhou, Zhejiang, the conference took place on September 4–5, 2016. After the G20 Seoul summit in South Korea in 2010, this was the first time a G20 summit was held in China, and it was the second time a G20 summit was held in an Asian nation.