IMF Chief Economist Pierre-Olivier Gourinches said it would be difficult for India, which will chair the G20 summit next year, to bring countries together on some of the world's biggest challenges.
Gourinchas told PTI in an interview, "As we have seen, a challenge for the G20 (G20 Summit in India) right now is how to deal with the geo-economic fragmentation and the fragmentation of the geo-economy only reflects this fact. Shows that we have seen great tension after the Russian invasion of Ukraine.
This challenge will be for India in G-20
Replying to a question, the Speaker said, in the present environment, due to all the tensions related to geopolitical considerations, to some extent, the G20 (G20 Summit) finds it difficult to have such discussions around common objects. Thus India will face a daunting task, but one of the most important objectives will be to bring all countries together, to continue discussions, and maintain progress on important issues.
Great progress can be made from the G20
Describing the G-20 (India Host G20 Summit) as a very important institution, Mr. Gowrynchas said that the grouping is a place where there is governance that represents the majority of the global economy. It is not just a group of rich countries. It is something that has many voices. He said that a lot of progress can be made from the G20.
One of the things that we often talk about in the context of the G20 is the general framework, he said. This is a very important initiative. It is still finding its feet. We are disappointed by the lack of progress on the general framework at times in the Fund. But it's a really important initiative that can be done at the global community level, coming together and finding ways to address sustainability problems, the chief economist said, something that the IMF is very closely concerned with. is watching.
That said, the whole issue of the emergence of digital currencies, and crypto assets, how is it getting stable, and volatile? How should we be? There are huge externalities on a global scale regarding the emergence of these new devices. So how are we as a global community, should we organize this space? Gaurynchus said, should we regulate it? How should it be regulated? The cross-border aspect is going to be very important. So it's a normal good.
India will have to invest in these areas: IMF
The Chief Economist of the IMF said that India will have to take some concrete steps to become a USD 10 trillion economies. He said that investments are happening here in buildings and roads, but if there is an investment in human resources, human capital, health, education, etc., then India will move forward rapidly.
India is doing better than many countries
Pierre Olivier Gourinchas said that India is one of the largest economies. So, when it's growing at solid rates like 6.8 or 6.1, it's noticeable. In a picture where all other economies and advanced economies rarely grow at that pace, if India is still doing well, it is a good sign.
These countries are included in G20
The G20 or Group of Twenty is an intergovernmental forum of the world's major developed and developing economies. It includes 19 countries. Among these countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the USA, and European Union (EU).
Collectively, the G20 accounts for 85 percent of the global gross domestic product, 75 percent of international trade, and two-thirds of the world population, making it the leading platform for international economic cooperation.
These three countries will build Troika
India is currently included in the G20 Troika. India is also one of the three countries of the troika along with Indonesia and Italy. These three countries are the current, past, and future presidents of the G20.
During its presidency, India, Indonesia, and Brazil will form the troika. This will be the first time that the troika will include three developing countries and emerging economies, giving them a bigger voice.
The G20 currently includes 8 workstreams
The Indian Ministry of External Affairs said that the current 8 workstreams are included in the G20 (G20 Summit). Among these are the Finance Track, and Sherpa Track with (Global Macroeconomic Policy, Infrastructure Financing, International Financial Architecture, Sustainable Finance, Financial Inclusion, Health Finance, International Taxation, and Financial Sector Reforms).
In addition to the G20 members, it has been a tradition for the G20 Presidents to invite some visiting countries and International Organizations (IOs) to G20 meetings and summits.
Significantly, the G20 Summit brings together the countries of the world's leading economies and the European Union. Its member countries contribute 80 percent of the total GDP of the world. Whereas they account for 75 percent of the world trade and 60 percent of the total population of the world.
Sharda Sinha: Bihar Kokila lost the battle with this serious disease, her morale was broken after her husband's departure, she could not fight the internal battle
The country's most famous folk singer Sharda Sinha is no more among us. But, her voice will always remain alive. From Diwali to Chhath Mahaparva, her songs keep resonating in every house, street, and
Cannes Film Festival: Anya Taylor, Joy-Chris Hemsworth shine on the red carpet, Furiosa premiered
The 77th Cannes Film Festival held in France is in the news. Cine lovers all over the world eagerly wait for the Cannes Film Festival. The Cannes Film Festival was inaugurated with great
Israel Vs Gaza: Israel's new trick to eliminate terrorists hiding in Gaza, filling Hamas tunnels with seawater
The Israel-Hamas conflict has been going on for more than two months. While on the one hand, Palestine is asking for support to stop the conflict, on the other hand, Israel's retaliatory action is
Weather Update Today: Forecast of rain in Delhi-UP to Uttarakhand today, the possibility of hailstorm in these areas
Changes are being seen in the weather of the entire North India including the country's capital Delhi. The weather has remained pleasant in many states of the country. The Meteorological Department
RJ Mahvash: 'Lies, greed and deceit..', cryptic post by Chahal's rumored girlfriend amid speculations of divorce from Dhanashree
Cricketer Yuzvendra Chahal and Dhanashree Verma's married life has soured. Both are parting ways. The Bombay High Court has approved the petition of cricketer Yuzvendra Chahal and his estranged wife
PM Modi: 'Women were left to their fate in previous governments', PM Modi gave a gift of Rs 10 thousand crores
Prime Minister Narendra Modi participated in the Empowered Women Development India program today. This program is being organized at the Indian Agricultural Research Institute, New Delhi. PM Modi
Chardham Yatra 2024: The doors of Kedarnath Dham open at an auspicious time, and the doors of Gangotri-Yamunotri will also open today.
Chardham Yatra will start with the opening of the doors of Kedarnath, Gangotri, and Yamunotri Dham. Today, as per the rituals, the doors of Kedarnath Dham have
Such devastation due to flood in America, Emergency had to be imposed: 19 died, loss of 2 lakh crores; Know the atmospheric river which is bringing storm
The US state of California is in the grip of a dangerous storm. So far 19 people have lost their lives due to the storm that has been going on for two weeks. How serious the situation in California is
Hanuman ji returned on the supersonic plane: HAL had removed it two days ago; Shown at the Airshow in Bengaluru
Hindustan Aeronautics Limited's (HAL) HLFT-42 full-scale model has once again got the Lord Hanuman sticker on its tail. It was removed two days ago. The HLFT-42 was launched at the airshow in
Canada Nijjar Case: The killers of Khalistani terrorist Hardeep Nijjar will soon be revealed, Canadian police found major evidence.
A big revelation is going to be revealed soon on the murder of Khalistani terrorist Hardeep Singh Nijjar living in Canada. Canadian police say they are monitoring two men whom authorities suspect of
