According to Pierre-Olivier Gourinchas, the IMF’s top economist, India will have a difficult task as the G-20’s chair to bring nations together on some of the significant difficulties the world is now facing. India will occupy the G-20 presidency next year.
“As we’ve seen, dealing with geo-economic fragmentation is one of the G-20’s current concerns. Additionally, the fragmentation of the geo-economy reflects the high levels of tension that have been there since Russia invaded Ukraine, “Gourinchas stated in an interview with PTI.
“Due in part to the G-20, the present context makes it much more difficult to conduct these discussions about shared products due to the tension around geopolitical concerns. India will thus have a challenging challenge, but I believe one of the key goals will be to keep the nations at the table, to keep the conversation going, and to keep making progress on crucial problems. “In answer to a query, he stated.
Mr. Gourinchas referred to the G-20 as a highly significant institution and said it is the only forum for governance that brings together the vast majority of the world’s economies.
It is not only a collection of wealthy nations. It is something with many voices. The G-20 can make a lot of progress, he claimed.
“The common framework is one of the topics we frequently discuss in the context of the G 20. It’s a significant initiative. It’s still figuring things out. At the fund, we occasionally get disappointed by the lack of movement on the standard framework, “added he.
The top economist said that the IMF is closely monitoring it and that it is a significant move that could be done at the global community level, joining together and figuring out how sustainability issues might be addressed.
Pointing out that multilateralism can advance shared goods and conduct debates about them in a forum like the G-20. In his words: “What are the common things where advancement may be achieved, then? Among these, the question of debt sustainability and climate change are prominent.” He said that digitalization is currently at the forefront. “How will the introduction of virtual currencies and other cryptographic assets stabilize or destabilize society? What should our progress be? The introduction of these new tools has significant externalities on a global scale. So how should the world community organize this space? “asked he.
“Do we need to control it? How ought it to be governed? Cross-border considerations will be crucial. Thus, it is clear that is a common benefit “stated Gourinchas.