Since becoming a leaders’ forum in 2008, the Group of Twenty (G20) has established itself as a central platform for responding to financial crises and coordinating global economic policy. However, its record on addressing inequality, sovereign debt, ecological breakdown and social insecurity has been far less effective.
The Institute for Economic Justice (IEJ), the New Economics Foundation, the Center for Economic and Social Rights, the Institute for Policy Studies, and Transforma co-hosted a side event at the G20 Social Summit to launch The G20 at a Crossroads. The report provides an independent assessment of the G20’s impact and considers what must change if the forum is to contribute to a more equitable and sustainable global economy.
The event brought together researchers, policymakers and civil society representatives to reflect on the G20’s record across five areas: reform of the international financial architecture; sovereign debt and development; international taxation; climate finance and the just energy transition; and labour markets and employment.
Discussions considered the gap between the G20’s stated commitment to “strong, sustainable, balanced and inclusive growth” and its limited progress in addressing structural inequalities. Participants also reflected on how successive Global South presidencies have broadened the G20’s agenda, while remaining constrained by unequal power relations, consensus-based decision-making and weak implementation.
The dialogue highlighted the need to place economic justice and sustainability at the centre of global crisis coordination; strengthen accountability; support coalitions advancing structural reform; and expand the meaning of economic stability to include human and planetary wellbeing. These shifts are essential if the G20 is to respond more effectively to debt distress, inequality, climate disruption and insecure work.
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