The RBI Governor said that the G20 is set for a transformative journey and within the finance track, efforts will be made to instill unwavering faith in the G20 as a multilateral platform to address global challenges. , Photo Credit: Atul Yadav
RBI Governor Shaktikanta Das said on Friday that the global economic outlook has improved in recent months, but uncertainty still remains.
Addressing the opening session of the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, Shri Das said that the outlook for the global economy has improved in recent months.
“There is more optimism now that the world may avoid a deep recession and experience only slower growth or a softer recession. Yet uncertainty lies ahead of us,” Mr. Das said.
The International Monetary Fund (IMF) said in its January update of the World Economic Outlook that although the global economy is poised to slow this year, the outlook is less gloomy than in its October forecast, and a May represent turning point. point, with growth down and inflation declining.
The FMCBG meeting is the first major meeting of the G20 – a grouping of 20 developed and developing countries – under the chairmanship of India.
“Together we must resolutely address the challenges that we face, including those that are of a medium to long-term nature such as financial stability, the debt crisis, climate finance, fractures in global trade and global value chains tension. We must promote. greater global economic cooperation and set the global economy on a path of strong sustainable, balanced and inclusive growth,” Mr. Das said.
The RBI Governor said that the G20 is set for a transformative journey and within the finance track, efforts will be made to instill unwavering faith in the G20 as a multilateral platform to address global challenges.
Finance Minister Nirmala Sitharaman in her inaugural address said that the G20 dialogue under India’s chairmanship in 2023 will focus on finding comprehensive solutions to the most pressing global challenges.
“The G20 can transform lives around the world by leveraging the complementary strengths of members while respecting country needs and circumstances. It can be an incubator of new ideas … and a platform for the voices of the ‘Global South’ to be heard.” ” Ms. Sitharaman said.
Ms. Sitharaman said that assisting countries most in need and reflecting the concerns and aspirations of developing countries will be the focus of India’s efforts under the G20 chairmanship.
In a tweet, the Finance Ministry said the first session of the G20 FMCBG meeting was jointly moderated by Ms Sitharaman and Mr Das and focused on issues relating to international financial architecture, sustainable finance and infrastructure.
The minister also sought views of ministers and governors on how multilateral development banks can be strengthened to address the shared global challenges of the 21st century, focusing on the Sustainable Development Goals and poverty alleviation.
“Finance Minister highlights growing #debt vulnerabilities in many vulnerable countries and seeks views of #G20 members on #MultilateralCoordination, adding that managing global debt vulnerabilities will be critical to the world economy,” the tweet said.