Africa and the G20’s Moment of Truth
An increasingly atomized and uncertain world demands a new multilateralism, which world leaders should embrace this month at the G20 summit in Hangzhou, China. They can start by following through on past promises to support Africa's sustainable development and to restore global financial stability.
LAGOS – This year is turning out to be one of global disruption. We’re seeing not only political upheaval and economic uncertainty, but also transformational innovation and the emergence of fresh thinking.
Global-governance institutions are facing many challenges: slowing economic growth, volatile financial markets, falling commodity prices, emerging-economy risks (especially in China), refugee and migrant waves, geopolitical tensions, rising inequality and social fragmentation, and the threat of violent extremism. That’s why, in an increasingly atomized and uncertain world, political leaders should commit to a new multilateralism at this month’s G20 summit in Hangzhou, China.
Specifically, to make good on the summit’s theme – “Toward an innovative, invigorated, interconnected, and inclusive world economy” – G20 governments should focus on financial stability and sustainable growth in developed as well as developing countries, especially in Africa. A successful summit requires member governments to reaffirm – and expand upon – commitments in four areas.