The G20 Meets In China - International Policy

  September 20, 2016

Leaders and members of the G20 met in China in July to discuss a host of international topics and issues. A central point of discussion during the meeting were the possible repercussions from the British vote to leave the EU and what effects it would have on international trade and employment.

The G20 is an international forum for governments and central bank governors from 20 major economies. It was founded in 1999 with the aim of studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability.

Ahead of the meeting, the International Monetary Fund downgraded its forecasts for global growth in 2016 with repercussions from the Brexit stating that “Brexit marks the materialization of an important downside risk to global growth.”

The theme of this meeting was “Innovation and Inclusive Growth: Decent Work, Enhanced Employability and Adequate Job Opportunities.” Leaders discussed the challenges to the labor markets from globalization, technological progress and demographic change, and agreed on a set of policy recommendations for employment generation and workforce skills enhancement.

As always, each country has the responsibility of executing specific laws and rules in order to follow through on the agreements made during the G20 summit, which has historically been a challenge for most countries.

 

Sources: G20.org, IMF

 

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