The G20 is the premier forum for international economic cooperation and a vehicle for strengthening multilateralism, designed to take more ambitious and concerted action to address global economic challenges. It is also now a forum to manage geopolitical tensions between heterogeneous countries (such as the US, China and Russia) by relying on the presence of other countries to apply peer pressure for a common global leadership, instead of competing to divide it.
As at many times of crisis, the G20 has certainly stepped in once again during the COVID-19 pandemic. But whether it will be able to keep up the momentum throughout the recovery phase remains to be seen.
A major concern in 2021 will be addressing the widening gap between the advanced economies and China, with widespread access to vaccines and the financial power to support their economies through the COVID-19 crisis, and many emerging markets and developing economies that are falling behind.
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