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11. Reducing remittance costs in the Pacific Islands

Author:
Jessica Collins
Publication Date:
10-2023
Content Type:
Policy Brief
Institution:
Lowy Institute for International Policy
Abstract:
Despite years of international policy efforts to bring down the cost of sending money home, fees for overseas workers remitting to Pacific Island countries are among the most expensive in the world. If remittance costs to Fiji, Tonga, and Vanuatu were reduced to the United Nations’ target of less than 3% per transaction, more than A$79 million annually would go directly to households in those countries. The Australian government should better support Pacific people working under its temporary labour scheme who remit significant earnings home by using existing financial architecture and building up digital capabilities in the Pacific region.
Topic:
Labor Issues, G20, Economy, and Remittances
Political Geography:
Australia/Pacific, Tonga, Vanuatu, Fiji, and Pacific Islands

12. Leveraging IBSA for the G20 Troika Presidencies

Author:
Rajiv Bhatia and Manjeet Kripalani
Publication Date:
11-2023
Content Type:
Working Paper
Institution:
Gateway House: Indian Council on Global Relations
Abstract:
On December 1, 2023, India will hand over the G20 Presidency to Brazil. The G20 troika will now comprise the three IBSA countries – India, Brazil, South Africa – till November 2025. This trio has an agenda in common and with the G20, such as multilateral reform, energy transitions and digitalisation. IBSA should use its mechanisms and natural solidarity to advance the interests of the Global South.
Topic:
Reform, G20, Digitalization, and Energy Transition
Political Geography:
South Asia, India, Brazil, and South America

13. Putting Development at the Centre of G20 Policy Agenda: Lessons for the T20

Author:
Daniele Fattibene and Alice Fill
Publication Date:
03-2022
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
The G20 Development Working Group has gradually evolved throughout the years, following a haphazard and contradictory path. On the one hand, it has been progressively overshadowed by a sectoralisation of G20 activities, with several action tracks (i.e., the Finance Track) taking a more prominent role in the definition of the leaders’ priorities. On the other hand, its (unexploited) potential has increased due to the emergence of several global crises that have shown the importance of rekindling multilateral solutions at the G20 level. The T20 has a strong potential to boost G20 legitimacy on development cooperation worldwide, by drafting evidence-based and pragmatic policy proposals for the decision-makers. However, although often advocating for similar solutions, the Development Working Group and T20 have not necessarily fed into each other’s policy agendas, leading to misalignment and reducing their chances to influence other G20 tracks on crucial development issues such as development finance, food security or the global climate agenda.
Topic:
Development, Political Economy, Governance, G20, and Sustainability
Political Geography:
Global Focus

14. A G7/G20 Pact for Sustainable Urbanisation? Building on the Positive Legacy of Italy’s G20 Presidency

Author:
Nicholas J. A. Buchoud, Michael Keith, Susan Parnell, and Martin van der Pütten
Publication Date:
02-2022
Content Type:
Commentary and Analysis
Institution:
Istituto Affari Internazionali
Abstract:
The G20 as we know it emerged from the 2008 global financial crisis. What is rarely acknowledged, however, is that this grouping of the world’s twenty largest economies emerged at a time when the world was fast becoming more “urban” than “rural”. The impact of urbanisation on the world economy has received scant attention in global decision-making arenas because the post-2008 stabilisation of the global financial system came with significant costs. In particular, the financial crisis had important recentralising effects. The OECD, for instance, has regularly underlined the lasting impact of the financial crisis on sub-national investment capabilities.
Topic:
International Political Economy, Infrastructure, Governance, Urbanization, G20, and Sustainable Development Goals
Political Geography:
Europe and Italy

15. Reviving and Reorienting Growth after the Pandemic: The Role of Local Infrastructure Investments

Author:
Nicola Bilotta
Publication Date:
12-2021
Content Type:
Special Report
Institution:
Istituto Affari Internazionali
Abstract:
The last decade has witnessed a progressive change in what had long been considered global priorities for achieving growth. The global financial crisis of 2007–2008 and the following European sovereign debt crises of 2011–2012 have brought to light important pitfalls in the functioning of globalized financial markets. Trade and financial liberalization policies have at times caused severe strains in some communities, raising concerns over the effects of rapid increases in international integration. Environmental and social risks have come to the forefront of the policy debate. The COVID-19 pandemic has brought enormous challenges to what was the normal way of living. All these events have had far-reaching consequences on the global economy. Currently, the world is facing at least three major shocks that are affecting health (COVID-19), prosperity (the recession) and the planet (climate change). These have been chosen as the three keywords for Italy’s G20 Presidency. These shocks are different in nature and have very diverse effects across countries, regions and municipalities. This calls for differentiated and targeted responses that take into account the specific needs of individual communities.
Topic:
Climate Change, Infrastructure, G20, Economic Growth, Investment, Integration, and COVID-19
Political Geography:
Europe, India, Vietnam, Philippines, United States of America, and Congo

16. The Italian G20 Presidency: A Post-Summit Assessment

Author:
Ettore Greco
Publication Date:
11-2021
Content Type:
Commentary and Analysis
Institution:
Istituto Affari Internazionali
Abstract:
Was Prime Minister Mario Draghi correct in describing the G20 Rome Summit held under the Italian presidency a “success”? Or, rather, was UN Secretary-General António Guterres right to highlight his dissatisfaction with the Summit’s outcome? Assessments of the Italian G20 presidency depend on where the bar is set, what terms of reference are adopted and what relevance or urgency is given to each individual dossier. At the same time, the evolving international context also has to be taken into consideration.
Topic:
Foreign Policy, International Political Economy, Governance, and G20
Political Geography:
Europe and Italy

17. Improving China's participation in resolving developing-country debt problems

Author:
Martin Chorzempa and Adnan Mazarei
Publication Date:
05-2021
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
The COVID-19 shock has exacerbated the struggles of many emerging-market and developing economies (EMDEs) to repay their external debt. One of the most urgent challenges relates to debt owed to China, whose lending spree under its Belt and Road Initiative and other programs has played an outsized role in what amounts to a crisis for many countries. The scope of the problem is striking. China is owed more than $100 billion, or 57 percent of all debt owed to official creditors by the countries that need help the most. China is not a member of the Paris Club of official creditors, which coordinates, within a multilateral framework, the resolution of general sovereign illiquidity or unsustainable external debt of EMDEs. There is an urgent need to put in place more effective, long-term solutions to help durably lower the risks of prolonged debt difficulties in EMDEs. These problems could be partly addressed by creating creditor committees to coordinate debt relief with China. The Group of Twenty (G20) has taken some steps to include creditor committees in the context of the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative (DSSI), but only for low-income countries that qualify for the DSSI and only for official creditors. To better address debt distress, it needs to extend the approach, especially to middle-income debtor countries.
Topic:
Debt, Development, Emerging Markets, and G20
Political Geography:
China and Asia

18. Emerging from COVID: Policy Responses to the Pandemic

Author:
Ben Bland, Alexandre Dayant, John Edwards, Stephen Grenville, Natasha Kassam, Herve Lemahieu, Alyssa Leng, Richard McGregor, Shane McLeod, Alex Oliver, Jonathan Pryke, Roland Rajah, Sam Roggeveen, and Sam Scott
Publication Date:
06-2020
Content Type:
Policy Brief
Institution:
Lowy Institute for International Policy
Abstract:
The fight against COVID-19 has been the greatest challenge the world has faced since the middle of last century. As countries have fought to control the disease, they have closed borders, quarantined their citizens, and shut down economies almost entirely. The ramifications will reverberate for years, if not decades, to come. In April 2020, the Lowy Institute published a digital feature in which twelve Institute experts examined the ways in which the COVID crisis would affect Australia, the region and the world. In this new feature, Lowy Institute experts provide policy recommendations for Australia to address issues that are critical to our nation’s — and the world’s — successful emergence from the pandemic. Countries have turned inwards in an attempt to fend off the threat of an infection that is oblivious to borders. Some have seen globalisation as the cause of the crisis, and have focused on solving problems without recourse to the international institutions of global security and prosperity, including the United Nations, the World Health Organization, and the G20. Yet global problems require international solutions. As the world emerges from the crisis, cooperation between nations will be more important than ever. Nation states cannot revive their economies purely through national solutions. They cannot address global threats, including the possibility of further pandemics, alone. Australia’s achievements in managing the COVID crisis have been exemplary. It has handled the health and economic emergency with great competence. But this is just the beginning of our crisis recovery. The challenges in our region, and the global problems that existed before COVID, have only been exacerbated by the pandemic. Australia has already done much to address the domestic economic and health issues from the COVID crisis. But to shape a prosperous and secure future, it will also need to work in cooperation with other nations, large and small, allies and partners, on a much broader array of international issues ranging from the economic disruption across the region, pressure from China on trade, and development challenges in the Pacific, to increasingly competitive relations between the United States and China, the weakening of the World Health Organization, and the declining utility of the G20.
Topic:
Diplomacy, Economics, Health, World Health Organization, G20, Geopolitics, COVID-19, and International Order
Political Geography:
China, Indonesia, Australia, and United States of America

19. United G20 must pave the way for robust post-COVID-19 recovery

Author:
Phil Thornton
Publication Date:
07-2020
Content Type:
Policy Brief
Institution:
Atlantic Council
Abstract:
The world is facing unprecedented health and economic crises that require a global solution. Governments have locked down their economies to contain the mounting death toll from the COVID-19 pandemic. With this response well underway, now is the time to move into a recovery effort. This will require a coordinated response to the health emergency and a global growth plan that is based on synchronized monetary, fiscal, and debt relief policies. Failure to act will risk a substantial shock to the postwar order established by the United States and its allies more than seventy years ago. The most effective global forum for coordinating this recovery effort is the Group of 20 (G20), which led the way out of the global financial crisis (GFC) in 2009, the closest parallel we have to the current catastrophe. Eleven years ago, world leaders used the G20 meeting in London as the forum to deliver a unified response and a massive fiscal stimulus that helped stem economic free fall and prevented the recession from becoming a second Great Depression. A decade on, it is clear that the G20 is the only body with the clout to save the global economy. This does not mean that the G20 should be the only forum for actions for its member states. The United States, for example, should also work closely with like-minded states that support a rules-based world order, and there are many other fora where it can and must be active with partners and allies. But no others share the G20’s depth and breadth in the key focus areas for recovery. The other multilateral organizations that could take up the challenge lack either the substance or membership. The United Nations may count all countries as members but is too unwieldly to coordinate a response. The International Monetary Fund (IMF) has the resources but requires direction from its 189 members. The Group of Seven (G7), which once oversaw financial and economic management, does not include the fast-growing emerging economies. The G20 represents both the world’s richest and fastest-growing countries, making it the forum for international collaboration. It combines that representation with agility.
Topic:
Security, Energy Policy, G20, Global Markets, Geopolitics, Economy, Business, Trade, Coronavirus, and COVID-19
Political Geography:
China, Middle East, Canada, Asia, Saudi Arabia, North America, and United States of America

20. How the G20 can hasten recovery from COVID-19

Author:
Maurice Obstfeld, Adam S. Posen, Olivier Blanchard, Chad P. Bown, Cullen S. Hendrix, Ana González, Simeon Djankov, Anne-Laure Kiechel, Anna Gelpern, Sean Hagan, Adnan Mazarei, Christopher G. Collins, Simon Potter, Edwin M. Truman, and Joseph E. Gagnon
Publication Date:
04-2020
Content Type:
Special Report
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
The world's leading economic powers must cooperate more to combat the health and economic shocks resulting from the COVID-19 pandemic. In a new PIIE Briefing, Peterson Institute experts outline how collective action by the Group of Twenty (G20) nations can make a difference. The PIIE agenda includes removal of trade barriers impeding the flow of medical supplies and food, and more money for research, testing, and disease control, especially for debt-burdened low-income countries. The World Bank and the World Health Organization need more resources to relieve suffering, and the International Monetary Fund must step up to stabilize the world financial system.
Topic:
Economics, Health, World Health Organization, International Monetary Fund, World Bank, G20, and Coronavirus
Political Geography:
Global Focus