Bali (The Hawk): The 17th G20 Summit got underway on Tuesday in Bali, a tourist destination in Indonesia, with topics like the global economic recovery, global health systems, and climate change taking centre stage.
Other topics, such as digital transformation and food and energy security, will also be covered during the two-day summit, which has the motto "Recover Together, Recover Stronger," according to the Xinhua news agency.
Joko Widodo, the president of Indonesia, spoke at the summit's opening ceremony and expressed his hope that it could serve as a spark for an inclusive global economic recovery.
The President emphasised that being responsible entails persistently upholding international law and the goals and objectives of the UN Charter as well as fostering win-win rather than zero-sum situations.
Widodo urged people to act intelligently, take responsibility, and lead by saying, "We should not divide the globe into sections."
The world is currently dealing with a number of issues, including the shaky economic recovery, the protracted Covid-19 pandemic, higher-than-average inflation, tightening financial circumstances in most regions, and others.
The global economy was expected to expand by 3.2% this year and 2.7% in 2023, according to projections made by the International Monetary Fund in October. The July forecast for 2023 had been revised downward by 0.2 percentage points.
The world community is counting on the major economies to improve macroeconomic policy coordination and advance multilateralism, openness, inclusivity, and win-win collaboration during the summit.
The G20, which was founded in 1999, serves as a focal point for global collaboration on financial and economic concerns.
It includes the European Union and 19 other nations.
Argentina, Australia, Brazil, Canada, China, France, Germany, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, and the United States are the nations in question.
(Inputs from Agencies)