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G20 has bigger role in global growth

By Zhu Junqing ( China Daily ) Updated: 2016-08-08 08:47:44

Against the backdrop of the weak global economic recovery and political uncertainties worldwide, people are hoping the Group of 20, accounting for up to 85 percent of the world economy, will show leadership in global governance and seek to promote economic growth.

In July, the International Monetary Fund revised down its forecast for global growth in 2016 and 2017, due to the uncertainty surrounding Britain's proposed exit from the European Union. The IMF stated that it expects the global economy to grow 3.1 percent in 2016 and 3.4 percent in 2017, both 0.1 percentage points lower than its forecasts in April.

Meanwhile, a retreat from globalization is emerging as a danger to the world economy, and a tide of populism is rising.

G20 has bigger role in global growth

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