Countries’ central banks have been hiking interest rates to curb inflation, but prices struggle to return to pre-pandemic levels. The 2022 G20 summit comes as the world edges toward a global recession. The presidency, and hosting duties, of the G20 rotates among member states each year. Together, the G20 represents more than 80% of the world’s total economic output, 60% of the Earth’s population, and 75% of global trade.įormed in 1999 as an outgrowth of the G7 in response to the international debt crises of the time, the G20 aims to ensure global economic and political security through discussions between its members as well as an annual summit of finance ministers and, since 2008, heads of state. The Group of 20, or G20, is a council of 19 countries and the European Union, which gathers to discuss major issues facing the global economy. “It’s been a rough year.” What is the G20? “This was not what they signed up for,” Gregory Poling, senior fellow and director of the Southeast Asia Program at the Center for Strategic and International Studies, said at a press conference last week. “It may be the most difficult of all G20s,” she said. Indonesia’s foreign minister, Retno Marsudi, told Reuters earlier this month how hard it has been to stage the summit amid such a fraught geopolitical situation. But with this year’s meeting overshadowed by so many other factors, analysts believe Indonesia now just wants to get it over with and pass the torch to India, who will host the summit next year. Observers believed Jokowi intended chairing the G20 to be his capstone project to burnish the international profile of Indonesia, the world’s fourth most-populous country and the first Southeast Asian nation to host the summit. The meeting comes amid an increasingly strained relationship between the two governments over disagreements on trade policy, human rights, Ukraine, and Taiwan. The dueling superpower leaders will meet face-to-face for the first time in Biden’s presidency ahead of the summit on Monday. President Joe Biden and China’s Xi Jinping also looks to eclipse the main event. While much attention in the run-up was paid to whether Putin and Zelensky would show up, the in-person presence of U.S. Last week, officials confirmed that Russia would send a foreign minister to Bali in Putin’s place a Zelensky spokesperson said the Ukraine leader would likely attend virtually. But Zelensky announced that he would not attend the summit if Russia’s Vladimir Putin would be there, and other Western leaders balked at the idea of sharing a table with Putin. In the hope of fostering inclusive dialogue, he rejected pressure to exclude Russia from this year’s summit and extended an invitation to Volodomyr Zelensky, the President of non-member state Ukraine. As part of a tour to drive the importance of attending the summit, Jokowi visited Moscow and Kyiv earlier this year.
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