World economic leaders discuss the current economic outlook
A new meeting of G20 finance ministers and central bank governors takes place today and tomorrow at the headquarters of the International Monetary Fund.
With the objective of advancing on public policymaking, global economic leaders are convening today and tomorrow in Washington at the Second G20 Meeting of Finance Ministers and Central Bank Governors.
Taking place at the headquarters of the International Monetary Fund (IMF), the meeting’s 55 delegation leaders include 21 finance ministers, 18 central bank governors and eight international organization leaders.
The two-day agenda, which begins tonight with a working dinner and continues with morning sessions tomorrow, will focus on the future work and the global situation, including the potential risks and hidden financial vulnerabilities of the global economy.
The debate will focus on the future of work, one of the three priorities defined by the Argentine G20 presidency for 2018, and its relation to inclusive growth. Finance ministers and central bank governors will also evaluate recent economic and financial developments to identify the risks to the global economy, the adequate measures to prevent them and the necessary responses in the case that they materialize.
This ministerial meeting, the second of the year after the March meeting in Buenos Aires, was preceded today by the Third Meeting of G20 Finance Deputies. At IMF headquarters, the seconds-in-command at the finance ministries or monetary authorities addressed the risks facing the global economy. While they agreed on the positive growth projections, medium term risks are foreseen. They also discussed the policies to generate inclusive growth.
Based on the evaluation of the future of work made by finance ministers and central bank governors in March, their deputies began to discuss potential areas for international cooperation to craft an array of policies. In the session on infrastructure, they advanced on areas where they hope to see concrete results this year: project preparation, contract standardization, risk mitigation, among others. In addition, a private sector group was created to advise the group on the barriers that exist to infrastructure investment flows. This group is made up by experts from different sectors, including construction companies, banks, insurance agencies, and law firms.
At the close of the meeting tomorrow, Argentine Treasury Minister Nicolás Dujovne and Central Bank President Federico Sturzenegger will hold a press conference to inform on the progress of the Finance Track, broadcast live on the G20’s official YouTube channel.
Today’s sideline agenda in Washington included a panel discussion this morning at the U.S. Chamber of Commerce (USCC), jointly organized by the USCC, the Argentine G20 presidency and the Business 20, the engagement group that brings together the international business community. Taking part were Argentine G20 sherpa Pedro Villagra Delgado and Treasury Chief of Staff Ariel Sigal, who discussed the mechanisms to drive infrastructure investment throughout the world with other senior officials and business leaders.
In the afternoon, Argentine Finance Minister Luis Caputo took part in a panel discussion at the World Bank Meetings on the trends, opportunities and challenges regarding private capital flows. Sharing the panel were Jim Yong Kim, President of the World Bank; Hiro Mizuno, Executive Managing Director and CIO of the Government Pension Investment Fund of Japan; and Axel Weber, Chairman of UBS Group, among others.
About the G20
The G20 started out in 1999 as a meeting of finance ministers and central bank governors. In 2008, amidst the global financial crisis, it evolved into what it is today: a major forum for dialogue and decision-making attended by world leaders from vital economies. Together, the G20 members represent 85% of global GDP, two-thirds of the world’s population, and 75% of international trade.