Project SyndicateProject Syndicate

The G20 and G Minor

By Kaushik Basu

04 Jan 2023 · 3 min read

Editor's Note

In Project Syndicate, a professor at Cornell says the G20 can help to defuse global geopolitical tensions. But first, countries must overcome their tendency to favor the interests of major economies.

Mumbai – In December, India began its yearlong G20 presidency, taking over from Indonesia amid rising geopolitical tensions and economic uncertainty. Surging inflation has raised the specter of a global recession. Supply chains, made more efficient but also more vulnerable by globalization and the digital revolution, are crumbling under the weight of COVID-related disruptions and the war in Ukraine, both of which have revealed and deepened the fault lines of the international order.

During the Great Recession of 2008-09, the G20 arguably helped to prevent a worse crisis by persuading the world’s biggest economies to coordinate their fiscal and monetary policies. With the global economy at a critical juncture, following decades of relentless globalization that have made markets increasingly interconnected, the group could once again play this role.

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