The Global Economic Governance (GEG) Africa programme is a policy research and stakeholder engagement programme to strengthen the influence of pro-poor African coalitions at global economic governance fora.
The group previously met in February, where discussions focused on how technology could advance sustainable investment. Three research topics were agreed for 2018: securitisation of sustainable assets, development of sustainable private equity/venture capital, and digital innovations for mobilising sustainable finance. Continuing its work from the first meeting, the Study Group will produce the 2018 G20 Sustainable Finance Synthesis Report and submit it to the G20 Finance Ministers and Central Bank Governors Meeting in July and G20 Leaders’ Summit in November.
The meeting follows the forum’s first meeting of the year, which was held in March, in Paris. At that gathering, discussions focused on exchanging and reviewing information, with a longer-term view to find consensus on the process and timeline for the removal of market distorting subsidies and similar support.
The G20 established its Data Gaps initiative following the global financial crisis of 2008. It is the responsibility of the G20 Finance Track, with the goal of improving the availability and comparability of economic and financial data. This meeting comes after international experts in the field met in Buenos Aires in January to gather recommendations for the data collection agencies of G20 members.
Finance ministers and central bank governors agreed that now is a good time to normalise monetary policy, and expressed optimism on the future of work, one of the priorities of the Argentine G20 presidency.
As Argentina takes over the G20 Presidency this month, it is becoming clearer that it will continue the focus on sustainability. Fostering the transformation of the global economy towards sustainability is one of the commitments made by the G20 towards implementing Agenda 2030, a focus of the last two G20 Presidencies. Integrating Global Value Chains (GVCs) are a critical part of achieving sustainability, especially through the incorporation of small and medium enterprises (SMEs).
The 11th G-20 Summit in Hangzhou, China closed earlier this week, focusing on the 'New' Industrial Revolution and technological changes, such as big data, robotics, and cloud computing. Innovation has been China’s key area of interest throughout their G-20 Presidency, dedicating many discussions to how new industries could invigorate the global economy.
On 4-5 September, 2016, G-20 leaders will meet in Hangzhou, China. Global macroeconomic and financial developments traditionally dominate the agenda. The global economy remains mired in the economic doldrums, so this year there will be plenty to discuss. Brexit is likely to add further spice.
South Africa’s role in global economic governance is mainly articulated through its membership of the G-20 and the BRICS grouping. The G-20 has emerged as the premier forum on global economic governance, while the BRICS countries have positioned themselves as a force for positive change in global economic affairs.
South African Finance Minister Nhlanhla Nene is facing his biggest baptism of fire yet when he delivers his maiden National Budget speech on Wednesday, as the country desperately needs him to plug the gap between national spending and revenue. South Africa’s debt trend is not sustainable.
Without question South Africa remains a vibrant, complicated and seemingly a growing troubled land. My colleagues from the South African Institute of International Affairs (SAIIA) one of the premiere think tanks in South Africa and the University of Pretoria, particularly the Department of Political Science there brought together some of their South African colleagues with experts from a number of countries for a conference (December 4th-5th) titled “Alliances Beyond BRICS: South Africa’s Role in Global Economic Governance”.
The South African Institute of International Affairs (SAIIA) collaborated with the Centre for the Study of the Economies of Africa (CSEA) and the Overseas Development Institute (ODI) to host this event that explored Africa’s involvement in global economic governance.