G20 history ,working and future plan
As of today, the world is facing an unprecedented crisis. The global economy has been hit by two consecutive major shockwaves – first with COVID pandemic in 2019-2020, and then with its latest turn in September 2022. While many parts of the world are experiencing their worst economic downturn since the Great Depression of the 1930s, other regions are thriving. Many nations have developed effective stimulus policies to bring economic growth back, while others have taken measures to slow down their own rate of decline in order to limit economic damage in future. This section will discuss what the Global Development Initiative (G1) aims to achieve during this period, and how we can support those plans along the way.
The goal of the G1 will be to create a more resilient global economy and provide countries with financial assistance and technical assistance for them to develop and implement the necessary changes. A detailed breakdown of each G1 initiative is available on our website. The success or failure of these initiatives is determined largely by government policy makers, and any new initiatives must first pass thorough due diligence in advance of their implementation. We also hope that governments that participate in the program will demonstrate real commitment towards developing an inclusive, sustainable global economy.
What Is The Global Development Initiative?
The Global Development Initiative (GDI) is a development partnership between the Group of Twenty leading economies (the ‘G-20’), the European Commission and the World Bank. It seeks to catalyze cross-sectorial action, so as to make a tangible contribution to the achievement of the 2030 Agenda for Sustainable Development. Although there have been calls for reform of international organizations, the current structure of the G-20 can hold countries together. Its strength lies precisely in that fact and cannot be underestimated. All member states contribute equal shares of at least 1% of GDP to ensure equitable funding for all projects. Moreover, when they join forces in particular initiatives they get extra resources and special permissions which help build a stronger global economy. For instance, the UNDP helps select recipients of grants and creates coordination frameworks that enable members to work together to implement development projects more efficiently. G-20 is the largest intergovernmental group of industrialized economies. There are 192 members in total. In the past three decades, China has increased membership from 75 at the start of 1995 to 142 in 2020. Japan has expanded membership to 47 from 26 in 1995; Saudi Arabia, India and Brazil increased membership in 2011 to 38; South Africa expanded membership to 48 members; and Russia went up from 46 members in 1996 to 69 as of 2021. Over time, the G-20 became increasingly institutionalized: through the institutionality of institutions such as the International Monetary Fund (IMF), the World Trade Organization (WTO) and the World Bank, and also with respect to the use of its collective purchasing power through the General Agreement on Tariffs and Trade (GATT). These actions enable the G-20 to play both positive and negative roles in the global political process.
The Role Of Developing Countries To Meet An Important Objective
The GIs want to show the world that the developing world plays a vital role to meet important objectives, beyond building infrastructure and economic progress. Here are some examples to illustrate the importance of the developing world. Firstly, it facilitates access to technological development and skills for countries and communities that might otherwise not have had these opportunities. Secondly, it provides countries with crucial financial and fiscal mechanisms to finance essential public services. Thirdly, it enables investment into innovative technologies which directly improve people's lives by improving their livelihoods. Lastly, it supports efforts to strengthen sustainable agriculture and rural livelihoods through improved water management, better harvests, better quality soils and soil health.
