The 2019 G20 Osaka summit was the fourteenth meeting of the G20, a forum of 19 countries and the EU that together represent most of the world economy. It was held on 28–29 June 2019 at the International Exhibition Center in Osaka and was the first G20 summit to be hosted by Japan.
The 2019 summit, discussed eight themes to ensure global sustainable development. The eight themes were “Global Economy”, “Trade and Investment”, “Innovation”, “Environment and Energy”, “Employment”, “Women’s empowerment”, “Development” and “Health”. The Leaders of the G20 declared that they will work together to foster global economic growth, while harnessing the power of technological innovation, in particular digitalization, and its application for the benefit of all. They had also declared that global growth appears to be stabilizing, and is generally projected to pick up moderately later this year and into 2020.
“This recovery is supported by the continuation of accommodative financial conditions and stimulus measures taking effect in some countries. However, growth remains low and risks remain tilted to the downside. Most importantly, trade and geopolitical tensions have intensified. We will continue to address these risks, and stand ready to take further action. We reaffirm our commitment to use all policy tools to achieve strong, sustainable, balanced and inclusive growth, and safeguard against downside risks, by stepping up our dialogue and actions to enhance confidence. Fiscal policy should be flexible and growth-friendly while rebuilding buffers where needed and ensuring debt as a share of GDP is on a sustainable path.
Monetary policy will continue to support economic activity and ensure price stability, consistent with central banks’ mandates. Central bank decisions need to remain well communicated. Continued implementation of structural reforms will enhance our growth potential. Global current account imbalances have narrowed in the aftermath of the global financial crisis, notably in emerging and developing economies and they have become increasingly concentrated in advanced economies.
However, they remain large and persistent, and stock positions continue to diverge. In assessing external balances, we note the importance of monitoring all components of the current account, including services trade and income balances. In the spirit of enhancing cooperation, we affirm that carefully calibrated macroeconomic and structural policies tailored to country-specific circumstances are necessary to address excessive imbalances and mitigate the risks to achieving the G20 goal of strong, sustainable, balanced and inclusive growth.”G20 Leaders Official Declaration
Be that as it may, below are the key takeaways from the 2019 G20 summit:
- Trump stands by Saudi Arabia despite outrage over Khashoggi murder. US President held a friendly breakfast meeting on Saturday with Saudi Crown Prince Mohammed bin Salman. “It’s an honor to be with the crown prince of Saudi Arabia, a friend of mine – a man who has really done things in the last five years in terms of opening up Saudi Arabia,” Trump said.
- Chinese President Xi Jinping and his U.S. counterpart, Donald Trump, agreed to restart economic and trade consultations between their countries on the basis of equality and mutual respect. “We’re right back on track and we’ll see what happens,” Trump told reporters after an 80-minute meeting with Chinese President Xi Jinping on the sidelines of the G20 summit.
- It was supposed to be an event showcasing Group of 20 leaders’ commitment to better empowering women in employment, economy and education. But only two of the world leaders on stage were women. Titled the Special Event on Women’s Empowerment, the only female world leaders in attendance were outgoing British Prime Minister Theresa May and German Chancellor Angela Merkel. Still, G20 leaders on Saturday reiterated their shared recognition that “gender equality and women’s empowerment are essential for achieving inclusive and sustainable society and economic growth,” according to their joint statement.Also addressing the gathering were senior White House adviser Ivanka Trump and Queen Maxima of the Netherlands, both of whom have been lauded for their steadfast advocacy of improved women’s rights. Trump commended the world leaders for accelerating efforts to elevate the talent of women, “one of the most undervalued resources in the world,” as she put it. She said female empowerment is not only a social justice issue but an “economic and defense policy” issue, citing an estimate that women’s participation in the labor force at a level equal to men’s would increase the global annual gross domestic product by an additional $20 trillion to $28 trillion by 2025.
- President Donald Trump dryly told Russia’s Vladimir Putin “Don’t meddle in the election” in their first meeting since the special counsel concluded that Moscow extensively interfered with the 2016 campaign. Trump and Putin traded brief remarks on Friday, the first time they sat together since Helsinki, about issues they planned to discuss when a reporter asked Trump if he would warn Putin not to meddle in the 2020 election. “Of course,” the president replied. Then he turned to Putin and facetiously said, “Don’t meddle in the election.” He playfully repeated the request while pointing at Putin, who laughed.
- Saudi Arabia’s Crown Prince Muhammad bin Salman welcomed hosting the G20 summit in the Kingdom in 2020 during his speech at the closing session of the 2019 G20 summit. The Crown Prince stressed that the Kingdom is determined to work together with all countries “to find a consensus to crises in the world.” “The empowerment of women and youth is key to global growth,” he added. “In the G20, we have a responsibility to create an environment in which the world thrives,” the Crown Prince said.
About G20: The G20 (or Group of Twenty) is an international forum for the governments and central bank governors from 19 countries and the European Union (EU). Founded in 1999 with the aim to discuss policy pertaining to the promotion of international financial stability. It brings together the members of the G7 (France, the United States, the United Kingdom, Germany, Japan, Italy, Canada and the European Union), as well as Argentina, Australia, Brazil, China, India, Indonesia, Mexico, the Republic of Korea, Russia, Saudi Arabia, South Africa, and Turkey. The participating nations represent 80% of global gross domestic product. Designated as the “premier forum for international economic cooperation” at the Pittsburgh meeting in 2009, in recent years the G20 Summit has dealt with a wide range of issues facing the global community, including development, climate and energy, digital economy, and employment in addition to the world economy.