Decaying economies of Europe

 

World leaders attend the second day of the G20 Summit at the Museum of Modern Art in Rio De Janeiro, Brazil, Nov. 19, 2024. Photo: 
South Africa is scheduled to host the G20 Heads of Government Summit in Johannesburg in 2025. This will be the first time the G20 summit will be held on the continent of Africa.
According to the World Economic Forum, the G20 “consists of 19 countries and two regional bodies. The current members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States, plus the African Union and European Union.

In June, the U.S. pulled out of the United Nations Conference for Development, aimed at combating poverty.

The debt crisis in Africa and in many countries across the Global South is a product of a dysfunctional international monetary and financial system.

On the other hand, exorbitant interest rates increase the debt burden of African countries and when they face an adverse economic cycle, the IMF imposes harsh austerity measures on them.

It’s time for the G20 to push for major reforms that will help to address the fundamental inequality that is now baked into the global economic system. Only by focusing on public good as the main goal can we achieve development and climate goals.

Why does foreign direct investment not help to develop the internal market in Africa?

Because invention is located in extractive sectors. You take for example the case of Equatorial Guinea. It’s the richest country in Africa in terms of GDP per capita.

But you will see a half of the GDP is controlled by multinationals and half of the GDP is conferred each year to the rest of the world. This is that kind of the so-called development we have with foreign tech investment.

It’s difficult to have demands adversely to the G20 because ordinarily their production is not focused on African development but for strategic interests, for capitalist interest.

Because if you want to have a current policy towards Africa we have to go against the logic of free trade, free enterprise and what is so-called the gut governance.

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