By G A Tadas, Visiting Fellow, Research and Information System for Developing Countries (RIS), New Delhi, India. Views expressed are personal.
GDP has long served as the key indicator of a country’s development, but is this the only factor that matters in citizens’ lives? Does more money categorically result in better lives? The India G20 presidency is looking for other metrics to complement these measures.
By Liv Marte Nordhaug, Co-Lead, Digital Public Goods Alliance
Faced with recurrent shocks and crises, countries everywhere are looking to build more resilient and inclusive digital foundations for public and private service delivery. As they enter this next stage of their digital journeys, advanced and emerging economies alike should apply an infrastructure mindset that drives inclusion, empowerment, and innovation. India’s G20 presidency offers a unique opportunity to convene the international community around advancing this agenda.
By Paola Subacchi, Professor of International Economics at Queen Mary University of London’s Global Policy Institute, is the author, most recently of The Cost of Free Money(Yale University Press, 2020)
This blog is part of a series on tackling COVID-19 in developing countries. Visit the OECD dedicated page to access the OECD’s data, analysis and recommendations on the health, economic, financial and societal impacts of COVID-19 worldwide.
When a crisis strikes, it is a time to be bold and do whatever it takes to avoid the worst. The response to the COVID-19 pandemic so far has been surprisingly bold at the national level, but at the international level, it has been disappointing to say the least. The G20 – the “premier forum for international economic co-operation” – has played no significant role in this crisis, or at least not one comparable to the role it played during the global financial crisis. Unlike in 2008, when it led the multilateral policy response, the G20 has attempted neither to coordinate the fiscal response nor to ensure that robust and broad multilateral financial safety nets are in place. It is arguable whether the nature of the current crisis requires the same deployment of financial resources as when the banking and financial systems in many countries seized up. However, the IMF and the World Bank have beefed up their resources to an unprecedented $1 trillion of loans and non-conditional credit lines to help developing countries. The G20, in turn, has agreed on temporary debt relief for low-income countries, but limited the suspension to one year. So far just $5.3 billion in bilateral debt repayments have been suspended, against an expected $11.5 billion – clearly this initiative has fallen short in ambition and scope. Continue reading “The G20 and the failure of policy coordination during COVID-19”
By Federico Bonaglia, Senior Counsellor to the Director at the OECD Development Centre Can the G20 really make a difference for development? The short answer is yes. The long answer is that the G20 can actually do more and should not miss the opportunity offered by the SDGs to deepen its engagement on global development. How can we upgrade the development agenda? In a two-part … Continue reading Can the G20 make a difference for development?