For fifteen years, the G20 has been one of the most important multilateral institutions in charge of governing the global economy and smoothing out the inevitable rough patches caused by financial crises. When tallying up the G20’s achievements to date, it’s hard to argue that another institution could have been more effective during a period marked by two large-scale financial crises.
However, we have now reached a new inflection point in global affairs, in which the G20 is facing important questions about its ability to address the financial and economic needs of non-member nations. This has been highlighted during the current period of geopolitical turmoil, in which even member states within the G20 – including Russia and China – are increasingly willing to challenge the core underpinnings of the global financial system.
Authored by Nikolay Murashkin of the Cambridge Central Asia Forum, the following brief examines the potential of the G20 to address new threats to world economic growth. With Russia still on board, what might be the prospects for the G20 to address current challenges and meet the needs of its member states?