Strong, Sustainable, Balanced and Inclusive Growth
After the financial crisis, G20 Leaders pledged to work together to ensure a lasting recovery and strong and sustainable growth over the medium term by implementing the G20 Mutual Assessment Process (MAP). To meet this goal, they launched the Framework for achieving strong, sustainable, and balanced growth, which is being implemented in the G20 Framework Working Group (FWG). The OECD actively participates in the FWG.
As a part of its wider contribution to the Framework, the OECD has launched its Going for Growth report, often at the margins of the G20 Finance Minister and Central Bank Governors meetings, which identifies and assesses G20 countries’ progress to advance structural reforms that could boost sustainable and inclusive growth.
With the pandemic outbreak, the OECD contributed under both the Saudi and Italian Presidencies in 2020 and 2021 to the Action Plan adopted by Finance Ministers to overcome the economic crisis and its social consequences, leveraging its analysis on structural policies for the recovery and the latest edition of the Going for Growth. The OECD has also provided the latest insights on the global economic outlook and policy responses to the crisis in G20 economies.
The Italian G20 Presidency has also put forward several initiatives to consolidate the G20’s crisis response and the transition towards a more sustainable, inclusive, balanced and resilient global recovery. Under Italy’s leadership, the G20 has updated and monitored the implementation of the G20 Finance Ministers’ and Central Bank Governors’ (FMCBG) Action Plan and reinforced its recovery and environmental dimensions. The Italian Presidency has also advanced discussions in the FWG on the G20’s monitoring of risks to the global economy, with a particular focus on macroeconomic policy settings through the recovery and climate change, which have been supported by OECD contributions on the economic impacts of environmental policies.