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The elevated level of food and energy prices in many economies and its disproportionate impact on vulnerable countries was one of the key topics of discussion at the second G20 Framework Working Group (FWG) meeting held in Chennai on Saturday.
The two-day meeting held under India’s G20 presidency concluded on Saturday. The FWG was co-chaired by V Anantha Nageswaran, Chief Economic Adviser to Government of India, and Clare Lombardelli, Chief Economic Adviser, UK Treasury. Around 87 delegates from G20 member countries, invitees, and international organisations attended the meeting.
Focus areas
The FWG focuses on global macroeconomic issues and deliberates on how policy co-operation can be enhanced to achieve strong, sustainable, balanced and inclusive growth. The agenda for the meeting involved discussions on the global economic outlook and risks with a particular emphasis placed on inflation, macroeconomic implications of food and energy insecurity, climate change and transition policies.
During the discussions, the member countries highlighted the difficult trade-offs countries face as they balance short-term energy security with long-term structural reforms for the transition to cleaner energy. The meeting also deliberated on the need to ensure availability and accessibility of critical minerals to facilitate smoother transition and also generating domestic savings to meet investment needs required for the transition.
Inflation concerns
The discussion on the global economic outlook and risks emphasised on the need to continue efforts to manage global inflation and remain vigilant to emerging financial risks.
On the sidelines of the FWG meeting, a panel discussion on the ‘Macroeconomic Impacts of Climate Change and Transition pathways’ was also organised in collaboration with UAE, who will be the Presidency of COP28.
The panel discussion focused on the macro-implications of transition policies, including potential growth, labour market shifts, demand for and supply of metals and minerals for renewable energy technologies and investment.
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