A resilient global economy – G20
Dr. Heather Smith, Australia’s G20 Sherpa
Dr. Heather Smith, Australia’s G20 Sherpa, gave a key note address at a discussion on ‘The G20 and the future of global economic growth at the University of South Africa (UNISA) ahead of the summit in Brisbane, Australia in November 2014.
The Group of 20 (G20) countries leaders’ summit was first held in 2008 in response to the global financial crisis which has transitioned from a liquidity issue to a challenge of insolvency, market manipulation, fraud and corruption. The crisis that began six years ago has, however, left in its wake a fertile ground for innovation and entrepreneurship to flourish and is likened to the aftermath of a cataclysmic volcanic eruption.
The G20 was actually formed in 1999 after the Asian financial crises; these boom bust economic cycles of a globalized world certainly have its challenges but always seem to create a demand for new business enterprise and products for the current tech savvy and informed consumer.
Resilience in the global economy requires a co-ordinated action and implementation as a group when tackling economic growth, trade, global institutions, corruption, tax, financial regulation and energy. These are the key factors that have lead Australia’s presidency of this premier forum for international cooperation and decision making.
The discussion hosted by the Institute for Global Dialogue, The Department of International Relations (DIRCO) and the Australian High Commission in South Africa included responses from Ambassador Mxakato-Diseko of DIRCO and representative from working partners from labour (L20), civil society (C20), think tanks(T20), and Youth(Y20) and business (B20).