Technical meetings under the Group of 20 (G20) Finance Track have begun this week with a meeting of the Framework Working Group (FWG).
This after South Africa kicked off its G20 Presidency with the hosting of the G20 Sherpa and Finance Track Meetings in December 2024.
“The National Treasury and the South African Reserve Bank are jointly responsible for overseeing the work of the G20 Finance Track.
“The mandate of the FWG is to promote strong, sustainable, balanced, and inclusive growth, and does so by identifying, monitoring and assessing global macroeconomic risks, vulnerabilities and uncertainties and recommending suitable policy responses to global shocks and cross-cutting global challenges,” National Treasury said in a statement.
The G20 is a grouping of developed and developing countries which together form a powerful bloc representing at least 85% of the world’s Gross Domestic Product and some 75% of international trade – making the FWG critical.
“The first day of the meeting [on Monday focused] on the main headwinds to global growth, ongoing supply and demand risks to inflation, and the main fiscal risks to growth and inflation. It will also discuss the economic outlook for Africa.
“The second day [Tuesday] of the meeting will discuss the draft FWG work plan for 2025, which includes priority areas identified by the South African Presidency,” the statement continued.
South Africa’s outlined priorities include:
• enhancing global economic resilience in light of growth risks like fragmentation and macroeconomic imbalances;
• strengthening macroeconomic foundations and growth reforms in light of climate change and
• assessing labour productivity, technological development and demographic change
This week’s FWG meeting is the first of four to be held.
“The remaining three meetings for this Working Group are scheduled for April, June and September, in person, in venues across the country.
“The outcomes of these meetings will inform discussions at the meetings of the Finance and Central Bank Deputies and Finance Ministers and Central Bank Governors,” the statement concluded.
The G20 Leaders’ Summit is expected to be held in the latter half of 2025. – SAnews.gov.za
