Economic Transformation for Shared Progress
improved domestic resource mobilisation and for debt restructuring and debt relief. Further, they place a robust social protection, decent work, and labour standards at the heart of policies of a more equitable economic order. Vulnerable and under- served groups were given particular consideration as most adversely impacted by the transitions. And third, examining the efficiency and sustain- ability of markets , Track 2 highlighted the need of globally consistent global sustainability-related disclosure standards, a fair and differentiated global carbon price and a just and transparent international tax system. Carbon neutrality and the decarbonisation of portfolios and operations of financial institutions may further contribute to the transformation of markets and fiscal policies across the G7 and beyond, intrinsically linking the recommendations with those of Track 1 | Sustainable and Green Planet.
To succeed in the digital and green transitions, Track 2 | Economic Transformation for Shared Progress advocated for sustained investments in education and training of 0.5% of GDP annually and for comprehensive support for temporary protection seeker, refugees, and other margin- alised groups (re)entering the workforce and seeking employment. Further, Delegates brought forward the initiative to promote ethical leadership in the private and public sector through a globally recognised, science-informed training on climate change for decision-makers. In view to much needed and more sustainable innovation, Track 2 called for capital and financing tools to be made accessible in a fair manner for all and on the condi- tion of good business practices. Regarding structural domestic and global inequalities , the recommendations sketch out a comprehensive approach for a sustained growth agenda covering calls for an increase in offi- cial development assistance (ODA), support for
“This year's title expresses the ambition to create an inclusive G7 and Y7 process: May economic progress and welfare be shared beyond the G7 on a global scale. For this reason, we have focussed on development and multilateral actions in the Communiqué. Furthermore, the climate crisis is still the most pressing issue of our time. It is therefore imperative that progress can only be achieved in a green economy.” Anne Steuernagel, Track Sherpa
YOUTH7 CALLING FOR MORE THAN A PROMISE
have hit vulnerable groups hard, including youth in the G7 countries and around the world. Some groups were exposed to difficult and dangerous work environments during the pandemic without sufficient protection or compensation. With respect to disturbed supply chains and the Russian war of aggression against Ukraine, price increases in food and energy have led to a decrease in welfare in some countries. Meanwhile, the transition towards a green economy has moved to the side-lines. To find strong policy responses to these issues was been the focus of this year’s economy track.
Anne Steuernagel & Jonas Dechent
The promise of advanced economies – prosperity for everyone – has recently come into question. A cost-of-living crisis follows a pandemic that itself is not over yet. Economic recovery after the pandemic has been highly unequal: many economies have not yet returned to pre-pandemic GDP levels while others have already surpassed them. Job losses
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