The heads of state and government of the world’s top 20 leading economies, the Group of 20 or G20, will meet in the Chinese coastal city of Hangzhou on September 4-5.
The G20 proved its importance during the financial and economic crisis from 2008 to 2011. Today, the global economy is still facing huge challenges: terrorist attacks, violent political conflicts, the refugee crisis, the consequences of the British referendum, the further stabilization of the euro zone, climate change and volatility in emerging countries and economies, to name just a few of the challenges.
On December 1, Germany will be assuming the presidency of the G20 for the first time. This is the chance to further develop the G20 from being a crisis management group to a player in global economic policy acting strategically with long-term goals. At a time when more and more countries are turning inward and nationalist tendencies are gaining ground, the G20 must counter such developments.