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G20/B20: Can we avoid downside risks for the global economy?

08 November 2022 | Global
Legal Briefings – By Justin D'Agostino

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CEO Justin D'Agostino previews the G20 and B20, as he heads to Indonesia for these critical meetings.

G20 Leaders will meet in Bali, Indonesia, this weekend in perhaps the most challenging economic environment for decades.

At such a critical moment for global business, I'm proud to be attending the B20, the business dialogue preceding the G20, in my capacity as a member of the Executive Board of the International Chamber of Commerce (ICC)

Right now, high inflation, record food prices and severe energy price volatility are already dampening global growth prospects, pushing millions of people into poverty and risk of hunger, and limiting the ability of scores of countries to adequately protect their populations.

Without concerted action from the G20 in financial, trade, agricultural, energy and climate policy, there will be major downside risks for the global economy, the global financial system and the millions of businesses that make up the real economy.

ICC – as the institutional representative of the global real economy – has developed a framework of key policy actions that G20 Leaders could take in Bali. These could go a long way to safeguard against those risks and provide the best chance that both advanced and developing economies can weather today’s turbulent economic environment.

These policy actions concern some of the most pressing challenges on the international agenda – food insecurity, debt distress in the developing world, climate change and the energy crisis – as well as some perennial trade topics.

Around 2,000 delegates are expected to attend the B20, including heads of state and CEOs of leading multinational corporations from over 40 countries, representing over 6.5 million businesses.

I look forward to updating you next week, and sharing the discussion, challenges and resolutions achieved at this critical meeting.

 

ABOUT THE B20

The Business 20, or B20, is the official G20 dialogue forum with the global business community. It is tasked with formulating policy recommendations on designated issues, which are then delivered to the G20 Presidency at the B20 Summit, which takes place around the G20 Summit.

The B20 has established six task forces and one action council, each comprising approximately 100 members representing various countries and organisations. 

The task forces and council will deliver policy recommendations to the G20, on: 
 
  • Trade and Investment
  • Energy, Sustainability and Climate 
  • Digitalization
  • Finance and Infrastructure 
  • Future of Work and Education 
  • Integrity and Compliance 
  • Women In Business Action Council

 

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