SA Launches G20 Finance Track Technical Meetings with Framework Working Group Session

The meeting follows South Africa’s launch of its G20 Presidency with the G20 Sherpa and Finance Track Meetings held in December 2024.

Technical meetings under the G20 Finance Track commenced this week, beginning with the inaugural session of the Framework Working Group (FWG). The meeting follows South Africa’s launch of its G20 Presidency with the G20 Sherpa and Finance Track Meetings held in December 2024.

The National Treasury and the South African Reserve Bank oversee the G20 Finance Track, with the FWG tasked to:

• Promote strong, sustainable, balanced, and inclusive growth.
• Identify, monitor, and assess global macroeconomic risks and uncertainties.
• Recommend effective policy responses to global shocks and cross-cutting challenges.

Representing 85% of global GDP and 75% of international trade, the G20 is pivotal in shaping the global economic agenda, making the FWG's role critical in addressing current challenges.

Key Discussions at the FWG Meeting

The meeting, held over two days, addressed pressing global economic issues:

1. Day 1 Highlights:

   • Analysis of headwinds to global economic growth.
   • Examination of ongoing supply and demand risks to inflation.
   • Identification of fiscal risks affecting growth and inflation.
   • Discussions on the economic outlook for Africa, emphasizing regional challenges and opportunities.

2. Day 2 Agenda:

   • Development of the draft FWG work plan for 2025.
   • Focus on South Africa’s G20 priorities, including:
     • Enhancing global economic resilience amid risks like geopolitical fragmentation and macroeconomic imbalances.
     • Strengthening macroeconomic foundations to address climate change impacts.
     • Assessing factors such as labor productivity, technological advancements, and demographic shifts.

Future Meetings and Broader Impact

This week’s meeting is the first of four FWG sessions planned for 2025.

• The next three meetings will be held in April, June, and September, in various South African cities.
• Insights from these discussions will inform deliberations at the Finance and Central Bank Deputies and Finance Ministers and Central Bank Governors meetings.
• The outcomes will play a crucial role in shaping the agenda for the G20 Leaders’ Summit, slated for the latter half of 2025.

South Africa’s Vision for the G20 Presidency

South Africa has outlined its strategic priorities to address global challenges:

• Economic Resilience: Tackle risks to growth, including geopolitical and macroeconomic disruptions.
• Climate and Growth Reforms: Align economic policies with climate resilience and sustainability goals.
• Innovation and Productivity: Promote technological advancements and adapt to demographic changes for sustained growth.

The FWG’s work under South Africa’s presidency aims to set a robust foundation for global economic stability and inclusive development, reinforcing the G20’s role as a key platform for international cooperation.