The G20 nations collectively represent a significant portion of the world's economic activities. Specifically, they contribute to approximately 80% of the world's total economic production, are responsible for nearly 75% of global exports, and house about 60% of the global population. In contrast, the economic contributions of the G7 nations, which is a smaller group comprised of advanced democracies, have been decreasing. This decline for the G7 is mainly because emerging markets are growing and thus dominating a more considerable portion of the global economy. As emerging markets expand, they are becoming more dominant players in the world's economic landscape, while the G7's proportionate influence is diminishing.
While the G20 could likely have done more to emphasize Russia's damaging role on the political, diplomatic and economic levels today, as well as have invited Zelenskyy as a show of solidarity with Ukraine, the Summit was successful in making forward progress in other areas.
The larger question will be whether, diplomacy aside, the international community can do more for Ukraine, while working to diminish the roles of Russia and China. By working together, especially now that the African Union plays a significant role, the group of nations has the strengthened ability to make a real difference on several important issues, the foremost being that of Russia and Ukraine.
Hopefully, by the time the next G20 Summit takes place, there will be no need to dance diplomatically around Russia and China and all participants, as well as those not participating, will be pleased with the outcome.
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
