Thursday, February 2, 2023

The G20 versus the World Crisis

The G20 or Group of Twenty, is an intergovernmental forum made up of 19 countries and the European Union (EU), with the aim of debating the problems of the world economy, financial stability, poverty and hunger reduction, agreeing on sustainable development world.

The G20 includes the United States, Great Britain, China, Russia, Japan, India, Australia, Canada, Saudi Arabia, France, Italy, Germany, South Korea, South Africa, Turkey, the European Union, Indonesia (the current host), and three Latin American countries, Mexico, Brazil and Argentina.

High inflation, food insecurity and the global recession are the issues addressed in the negotiations to reduce world oil prices and increase food supplies to the poorest nations.

Russia-Ukraine

The general opinion is that Russia has destabilized the food and energy markets by invading Ukraine, which is why the G20 called for the flow of oil to be sustained, to control energy prices (gasoline, gas, electricity).

Even Chinese leader Xi Jinping, though he did not directly mention the war, said there is a tense geopolitical environment over disruption to food and energy supply chains.

Putin was left very alone when the president of the European Council urged world powers to intensify pressure on Russia, signing a document requesting an end to the war.

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Economy

Many presidents and representatives argued that the moment is crucial for the world economy, high interest rates have slowed growth, increasing fears of recession, arguing that many countries will not be able to meet their international debts.

Let’s not forget that the International Monetary Fund lowered the global growth outlook to 2024, stating that rising food prices will lead more than 200 million people to severe food insecurity between 2022 and 2023.

Biden-Xi Jinping

Before starting the forum, President Biden met with Xi Jinping for three hours, seeking to bring ideas closer. The president of China is very upset because the US redirects production to other countries, undermining, according to China, the rules of trade, for his part, Biden explained that the United States would compete vigorously, since the rise in the price of transport forced them to carry the manufacturing to nearby Latin American countries, such as Mexico, Honduras, Guatemala.

Both Biden and Xi Jinping agreed that it is not necessary to reach a new Cold War, a statement that reassured world markets.

Petroleum

Many countries maintain that the slowdown in growth in China is dragging down the world economy, due to the price of oil, although some representatives went further, arguing that this slowdown would cause a strong recession in Russia, freeing up its oil supply, reducing prices world oil prices, curbing inflation and reversing the recession, although neither contemplates the human cost of this recession. A2

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G20 Agreements – 2022

The G20 Bali declaration, signed on 11/16/2022, contains 52 points and 2 annexes, although point 4 summarizes the proposal:

“It is essential to defend the law and the multilateral system that safeguards peace and stability, defending the Purposes and Principles enshrined in the Charter of the United Nations, including international humanitarian law on civilians and infrastructure. The mere threat to use nuclear weapons is inadmissible. The peaceful resolution of conflicts, with diplomacy and dialogue, are vital”.

Cesar Leo Marcus was born in Buenos Aires, Argentina.
Doctor (PhD) in International Logistics and Foreign Trade, and Master (MBA) in Economic Sociology, he was professor of both chairs at the Universities of Madrid (Spain) and Cordoba (Argentina).
A journalist, he publishes in newspapers in California, Miami, and New York. He is a writer, he published twelve books, and a literary editor, director of Windmills Editions. He currently resides in California.

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