The G20 Summit and Global Challenges

Since the announcement of the Kingdom of Saudi Arabia's G20 summit presidency and hosting it, as the first summit to be held in Saudi Arabia after assuming the G20 presidency on December 1, 2019. Work is underway to create all necessary means for the success of the summit and to strengthen its efforts. The holding of the G20 summit this year in Saudi Arabia comes as a continuation of Kingdom’s series of meetings around the world to advance the global economy. The summit’s title and theme for this year is “Realizing Opportunities of the 21st Century for All.” The main discussions of the summit meetings will focus around three main aims which are, first, Shaping New Frontiers, by adopting long-term thinking and planning methods, and using ambitious plans and strategies to share global mutual interests and benefits. Second, Empowering People, by working to strengthen appropriate opportunities for all segments of the society, to obtain a decent life that ensures provision of the basic needs and necessities and make people thrive. Third, Safeguarding the Planet by limiting the depletion of its resources and working to make them prosper.

The G20 is considered one of the most powerful economic blocs in the world. The G20 comprises of nineteen countries from different continents in addition to the European Union. These countries produce approximately ninety percent of the gross world product (GWP). This percentage represents two-thirds of world trade, and their population is approximately two-thirds of the world population, which is considered some of their most important sources of power internationally. The member states aim to create an international economic, financial and industrial alliance that aims to overcome global economic obstacles and improve and stabilize the global economy. In addition, to enhance dialogue between member and non-member states in their endeavor to exchange common interests and benefits, which in turn will positively affect the economic situation of the countries in general and improve the lives of the population.

This economic alliance of the G20 group, has an undeniable role in working to strengthen and stabilize the global economy. As the global economy has a role that cannot be ignored in the renaissance and development of states, as it is the framework that collects the economic transactions among the countries of the world and concerned with the changes in the exchange rate, trade relations between countries and their ability to compete and trade between them. Also, it gives importance clarifying aspects of the cooperation between countries and the outcome of this cooperation, and its impact on their population and economic organizations. In general, the global economy does not ignore the globalization and its great impact on world economies and their trade dealings.

Among the main other challenges facing the G20 group are controlling and managing high inflation rates, enacting laws to stabilize the prices of raw materials and removing obstacles to the global economic development. It is important to know that the international economy, with its modern laws and views, are linked very seriously, and the recent developments in the field of communication has helped in that, which in turn facilitated international communication and a quick access to the information circulating globally. When there is economic cooperation at all levels between two or more countries, this economic link facilitates further the transfer and exchange of information.

In conclusion, the depth and magnitude of the challenges which the world is facing are terrifying. Whereas, globalization and the integration of markets and their economic interdependence can lead to an increase in the risks to which one global market is exposed to as a result of being economically impacted by another global market. The only way to overcome these crises is through the implementation of well-thought-out and planned measures to deal with the various crises that the world faces, such as appropriate regulations, policies and financial laws, and in order to achieve what is acceptable to them, comprehensive cooperation is necessary between decision-makers and between countries regardless of their political and economic directions difference