G20 obliged to promote multilateralism

According to the latest forecasts of the International Monetary Fund, World Bank and the Organisation for Economic Co-operation and Development, the economic growth of almost all the major economies including the United States, the European Union, Japan and China will decline in 2019.

Global economic growth has been fluctuating in the past couple of years. This year, the global economic situation has deteriorated because of various factors.

The first is the global economic trend. In the post-global financial crisis era, labor productivity in major developed economies has been declining despite signs of strong economic recovery at times. From 2000 to 2007, the average growth rate of labor productivity in OECD countries was 1.38 percent, with the figure declining to 0.82 percent between 2010 and 2017. This decline of potential economic growth is understandable given the rising aging population and the relative decline in the growth of working-age population.