G20 Week 2 Essay

The harmful impacts of economic inequality ranging from poverty, starvation, crimes and violence, colours the current debate on the roles can be contributed by the group of twenty (G20). Historically, the formation of G20 is aimed at strengthening the global economic and improving financial regulation by implementing economic reforms required by each member (G20, 2014). G20 accounts for 85% of global gross domestic product and almost 80% of the global trade. G20 represents around 2/3 world’s population and comprises of the world’s advanced and emerging economies (Evans, 2011). However, since its establishment, the traditional goal of the G20 has always been on economic growth (The New York Times, 2008). The most recent target was formulated in G20 summit in Australia, which is a 2% increase in the global output by 2018. The meeting also mandated each country member to lodge

Even though the notion of addressing inequality has been articulated softly in the Australian meeting, the real emphasis arises during the Turkey’s meeting creating a jargon of 3Is: inclusiveness, implementation and investment (G20, 2014). Given the fact that narrow focus on improving GDP might increase the inequality gap, the target of G20 should also be given to improving fairness on distribution of growth across country member, which in turn will reduce the inequality and its consecutive impacts including improving lives of the poor and their wealth. This new focus is even more critical given the fact that G20 represents 90% of global national gross product and 80% of the world’s trade, indicating G20’s power to influence decisions of country member and other nations (Oxfam, 2014). Since every decision made by the G20 matters the poorest countries thus promoting an inclusive growth should be the priority of G20 actions. This will allow the closing of inequality gaps between the poorest and the wealthiest (Oxfam,