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The G20 : Adjusting to the New Realities of the Global Economy Emerging Economies’ Contribution

The G20 : Adjusting to the New Realities of the Global Economy Emerging Economies’ Contribution. - Astana Economic Forum 2013 - . May 24, 2013. Sung-Soo Eun Deputy Minister for International affairs. 81%. 85%. 2/3. Ⅰ. The G20 and the Global Crisis.

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The G20 : Adjusting to the New Realities of the Global Economy Emerging Economies’ Contribution

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  1. The G20 : Adjusting to the New Realities of the Global EconomyEmerging Economies’ Contribution - Astana Economic Forum 2013 - May 24, 2013 Sung-Soo EunDeputy Minister for International affairs

  2. 81% 85% 2/3 Ⅰ. The G20 and the Global Crisis • Tomorrow hopes we have learned something from yesterday • - John Wayne World Population Global GDP FX Reserve G7 share on decline G20 share on rise & &

  3. Ⅰ. The G20 and the Global Crisis • G20 as a “Crisis Manager” G20 Summit Started Seoul Summit G20 Finance Minister’s Meeting Los Cabos Summit GDP (in percent; qoq saar) Crisis Crisis Source: IMF, World Economic Outlook • Now the role as a “Consensus Builder” is required

  4. Ⅱ. Challenges of the Global Economy • A Low-Growth World : IMF revised forecast down (3.5% → 3.3%)

  5. Ⅲ. What Emerging Economies need to do? (1) Drive Global Growth as an Energizer • AEs focus on recovering fiscal sustainability • EMEs with fiscal space need to contribute < Underlying Fiscal Vulnerability Index by Region, 2002-13 (scale, 0-1) >

  6. Ⅲ. What Emerging Economies need to do? (2) Be Prepared for the Risks from External Shocks • Global warning against negative spillovers from QEs • EMEs themselves required to brace for unpredicted shocks • OrderlyCapital Account Liberalization • Macro-Prudential Measures • Financial Supervision

  7. Ⅲ. What Emerging Economies need to do? (3) Share the Growth with the Least Developed Countries • EMEs’ responsibility to help the LDCs grow into a new major player of the global economy • Seoul Development Consensus • for Shared Growth • Framing New Multi-Year Action Plan for Development (2013-2015)

  8. Ⅳ. Whatshould be done in the G20? • More Balanced Perspective in the G20 Agenda is needed 2010 IMF Quota/Governance Reform Global Financial Safety Net Regulatory Issues pertaining to EMDCs Development Consensus 2012 Unintended Consequences of Global Regulatory Reform FSB Representation Structure 2008 G20 Summit Started 2013 Spillover Effects Long-Term Investment IMF Quota Formula/General Quota Review RFAs-IMF Cooperation 2011 Negative Spillovers LCBM Action Plan Food Security 2009 Strengthen EMDC’s Role in Int’l Financial Architecture Supporting EMDCs 1.1trillion $ via IOs

  9. Ⅳ. Whatshould be done in the G20? • More Active Outreaches to the Non-G20 EMDCs Washington(‘08.10) Spain, Netherlands London(‘09.4) Spain, Netherlands, Thailand, Ethiopia Asia Europe North America G20 Spain, Netherlands, Thailand, Ethiopia Pittsburgh(’09.9) Spain, Netherlands, Viet Nam, Ethiopia, Malawi Toronto (’10.6) Africa Spain, Viet Nam, Singapore, Malawi, Ethiopia Seoul (’10.11) Latin America Spain, Ethiopia, Equatorial Guinea, UAE, Singapore Canne (’11.11) Oceania Spain, Chile, Colombia, Cambodia, Benin Los Cabos (’12.6) Spain, Brunei, Kazakhstan, Ethiopia, Singapore St. Petersburg (’13.9)

  10. T h a n k y o u

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