The two-day meeting was co-chaired by V. Anantha Nageswaran, Chief Economic Adviser, Ministry of Finance, Government of India, and Claire Lombardelli, Chief Economic Adviser, UK Treasury. The meeting was attended by about 87 delegates from G20 member countries, invitees and international organizations.
The Framework Working Group focuses on global macroeconomic issues and discusses enhancing policy cooperation to achieve strong, sustainable, balanced and inclusive growth (SSBIG). The meeting’s agenda included discussions on the global economic outlook and risks, with a particular focus on inflation, the macroeconomic implications of food and energy insecurity, climate change and transition policies.
During the discussion, members discussed and agreed on the way forward to achieve important results for the year, including on the macroeconomic impacts of food and energy insecurity, as well as climate change and transition pathways.
Discussion of the global economic outlook and risks highlighted the need to continue efforts to manage global inflation and remain vigilant against emerging financial risks. Members also discussed why food and energy prices remain high in many countries, disproportionately affecting vulnerable countries. The discussions also highlighted the difficult trade-offs countries face as they try to balance short-term energy security with longer-term structural reforms for the transition to cleaner energy. Ensuring the availability and accessibility of critical minerals to facilitate a smoother transition, as well as the creation of domestic savings to meet investment needs and thus stimulate economic growth during the transition period were also issues that were discussed.
As part of the FWG meeting, a panel discussion on “Macroeconomic Impacts of Climate Change and Transition Pathways” was also organized in collaboration with the UAE, which will chair COP28. The session aimed to develop a collective understanding of the challenges countries face during the climate transition and initiate a discussion on macroeconomics regarding climate policy actions and transition pathways.