Uncertainties are clouding the global economy, G20 countries must face the challenges decisively: RBI Guv

RBI Governor Shaktikanta Das on Friday called on G20 countries to resolutely address the challenges such as threats to financial stability and indebtedness facing the global economy. Speaking at the inaugural session of the meeting of G20 finance ministers and central bank governors, Das said that while the outlook for the global economy has improved in recent months and there is now more optimism that the world can avoid a deep recession and only slow growth or softer recession, “but there are uncertainties ahead.”

“Together we must resolutely address the challenges we face, including medium to long-term challenges, such as threats to financial stability, indebtedness, climate finance, ruptures in global trade and pressure on global value chains. We must promote greater global economic cooperation and position the global economy on a trajectory of strong, sustainable, balanced and inclusive growth,” said Das.

This is the first meeting of the finance ministers and central bank governors of the G20 – a grouping of developing and developed countries – under the Indian presidency. The RBI governor said the G20 is poised for a transformational journey and within the financial trajectory will be the effort to enshrine unshakeable faith in the G20 as a multilateral forum to address challenges.

In her inaugural address, Finance Minister Nirmala Sitharaman said that the G20 discussions in 2023 under the Indian presidency will focus on exploring holistic solutions to the most pressing global challenges. “The G20 can change lives around the world by leveraging the complementary strengths of members while respecting the country’s needs and circumstances. It can be a breeding ground for new ideas…and a forum to listen to the voices of the Global South,” said Sitharaman.

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