EQUALITY: MACROECONOMIC POLICY //
G20 PERFORMANCE ON MACROECONOMIC POLICY 2008–2024
100
75
50
25
0
Compliance (%)
Conclusions (% words)
Commitments (%)
“As G20 host South Africa can restore the importance of macroeconomic issues on the G20 agenda, reinvigorating one of the G20’s raisons d’être since its inception”
States all had 75%, followed by Brazil at 74%, then Saudi Arabia and Italy both at 72%. Türkiye had 70%. South Africa ranked last, but still in the positive range, at 64%. CAUSES The priority placement of macroeconomic policy in the declaration’s chapeau helps ensure high-level policy visibility. Commitments with high-binding language and time-bound remit mandates also produce higher compliance. CONCLUSION To improve the G20’s macroeconomic performance, as G20 host South Africa can restore the importance of macroeconomic issues on the G20 agenda, reinvigorating one of
the G20’s raisons d’être since its inception and responding to the volatile international economic context. Indeed, South Africa has established the Task Force on Inclusive Economic Growth, Industrialisation, Employment and Reduced Inequality to align “macroeconomic, sectoral, labour-market, social protection and environmental policies behind the shared objectives of creating decent work and reducing inequalities” and to discuss green industrial policies. However, it remains to be seen whether this macroeconomic focus will be upheld in ministerial and leaders-level outcomes. In today’s complex and challenging global economic context, falling short of prioritising macroeconomic issues would be a missed opportunity for the G20 in 2025.
// ANGELA MINYI HOU Angela Minyi Hou is a senior researcher with the G20 and G7 Research Groups, and former co- chair of the BRICS Research Group. She holds a master’s degree in international affairs at the Graduate Institute of International and Development Studies in Geneva, with specialisations in trade and environment. The views in this publication are her own. X-TWITTER @g20rg www.g20.utoronto.ca
43 globalgovernanceproject.org
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