Better world economy needs concerted cooperation

At the G20 Leaders Summit in Hangzhou last year, the leaders of major industrialized and developing countries reached a consensus that they would play a leading role in pushing for more inclusive and sustainable global growth, further liberalize trade and investment, and strive to improve global governance.

Now, as the leaders gather in Hamburg, Germany, for their summit on Friday and Saturday, they should be prepared to find practical ways to achieve those objectives, as the world urgently needs effective solutions to many pressing challenges.

Not least the fact that global growth remains obstinately sluggish and unbalanced nine years after the onset of the devastating global financial crisis, with policymakers in developed economies and developing nations alike struggling with growing debt, currency fluctuations, and the adverse effects of capital flows. Even worse, anti-globalization and populist sentiment have become more evident in many countries.