How the G20 Can Build on the World Economy’s Recent Resilience

It’s fitting that G20 finance ministers and central bank governors will meet this week at Sao Paulo’s Biennale Pavilion, designed by famed architect Oscar Niemeyer. With its flowing lines and striking façade, it is a monument to the boldness of modern Brazil.

I hope the G20 takes inspiration from this landmark to act boldly, too. With recent improvement to the global-near term outlook, G20 policymakers have an opportunity to rebuild policy momentum, setting their sights on a more equitable, prosperous, sustainable, and cooperative future.

After several years of shocks, we expect global growth to reach 3.1 percent this year, with inflation falling and job markets holding up. This resilience provides a foundation to shift focus to the medium-term trends shaping the world economy. As our new report to the G20 makes clear, some of these trends—such as AI—hold promise to lift productivity and improve growth prospects. We badly need it—our projections for medium-term growth have declined to the lowest in decades.

 
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