India formally assumed the presidency of the G20 (Group of 20) on 1 December. The next G20 Leaders' Summit at the level of Heads of State/Government is scheduled to be held in New Delhi on 9-10 September.
International Monetary Fund (IMF) Managing Director Kristalina Georgieva has said that the international community counts heavily on India's leadership of the G-20, at a time when the world is facing a continuing economic slowdown and social crisis.
Talking to reporters during a media roundtable, he said, "India, which is the chair of the G-20 countries, continues to be a better performer than the global average and a good percentage of the better performing countries."
India formally assumed the presidency of the G20 (Group of 20) on 1 December. The next G20 Leaders' Summit at the level of Heads of State/Government is scheduled to be held in New Delhi on 9-10 September.
"We greatly count on India's leadership of the G-20. Because this is a critical time for the world to safeguard its well-being by safeguarding an integrated global economy. I hope India continues to be such a great force in keeping us together." Will serve the world. " He said.
Georgieva also lauded India for embracing digitisation.
“What we see working very well for India is how the country has integrated digitization as part of public policy and private sector development,” the IMF Managing Director said in response to the IMF Managing Director. accelerated as a strong comparative advantage for One question.
For public policy, because the combination of digital IDs and digital public infrastructure allows India to shift policy support to digital platforms and very well target those who need support as well as those who need to be prioritized Become a bright example of vaccination done on the basis. And in a highly effective way, she noted.
"Toward the private sector, as it has become a fertile ground for branded financing and very rapid expansion of enterprises. And that India intends to take the G-20 as a sector to build comparative strength, " He said.
According to Georgieva, one of the priorities at the G-20 is how to build digitization on a public platform, with public infrastructure that allows everyone to plug in and significantly reduce the cost of digitization; How can this be a source of development and employment. So it's definitely an area.
He said that India has made some painful reforms which are now paying off. The country, he said, is facing difficulties on the climate front, with a very dramatic impact on agriculture due to its very severe vulnerability to climate shocks, especially drought and high temperatures.
“India is certainly affected by developments in Asia. One of the countries – Sri Lanka is a neighbor, Pakistan is a neighbor – these are countries that are volatile. And of course the fact that China has slowed down so dramatically Its influence has been seen across Asia.
"If I were in India today, I would be more concerned about what is happening in the rest of the world and how it is affecting me, what are the domestic factors." Georgieva said.
Georgieva also said that 2023 would be another "tough year" for the global economy, and that inflation remains stable, but she did not expect another year of sustained declines like last year, barring unexpected growth. The head of the global lender said on Thursday that the IMF is not expected to lower its forecast for growth to 2.7% in 2023. It was noted that concerns about rising oil prices failed to materialize and the labor market remained strong
Earlier, IMF Deputy Managing Director Antoinette Sayh had said that the country is a relatively bright spot in the world economy today, growing at a much higher rate than its peer average.
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