G20 FMs may discuss need for global economic coordination

The discussions will also include talks on finding “lasting solutions” to debt problems faced by low-income economies and on evolving a consensus on crypto-currencies.

“There are growth concerns. There are indications that the growth would be slowing down at the global level that will have implications for global trade. We are living in an interconnected world where all countries get impacted by happenings in other countries and we have to find common solutions. We expect that the ministers and governors would be discussing a wide range of issues beginning with the macroeconomy, as we are all aware that tough conditions at the macroeconomic level have somewhat eased in the recent months, but overall environment continues to be very tough,” said Seth.

“Inflation rates are high. In that situation, coordination among major economies is vital. And we expect that that will form a major part of the discussion,” he added.

In order to address the various macroeconomic uncertainties, V. Anantha Nageswaran, the chief economic advisor said that nations must communicate with one another and have transparency in monetary policy because uncertainties lead to spillovers.

“While it is not possible to have clear answers to uncertainties, they can be mitigated with constant communication, which will be facilitated through these meetings,” he added.

The meeting, spread over three sessions on 24 and 25 February, will cover issues like leveraging digital public infrastructure for advancing financial inclusion and productivity gains. financing resilient, inclusive, and sustainable cities for tomorrow, and strengthening multilateral development banks to address shared global challenges like sustainable development goals.