During the two-day summit with the theme "Recover Together, Recover Stronger," other issues including digital transformation and food and energy security will also be discussed. Addressing the opening ceremony of the summit, Indonesian President Joko Widodo said Indonesia hopes that the summit can be a catalyst for inclusive global economic recovery.
Being responsible means respecting international law and the purposes and principles of the United Nations Charter consistently, and creating win-win not zero-sum situation, the Indonesian president stressed.
"We should not divide the world into parts," Widodo said, calling on the world to act wisely, shoulder the responsibility and show their leadership.
The summit comes as the world is facing multiple challenges such as the fragile economic recovery, the prolonged COVID-19 pandemic, an inflation higher than seen in several decades, tightening financial conditions in most regions, among others.
Formed in 1999, G20 is a group of 20 of the world’s largest economies — and this year, the bloc meets in Indonesia as the world edges toward a potential global recession amid the Covid-19 pandemic and the Russia-Ukraine conflict.
The International Monetary Fund (IMF) in October projected the global economy to grow by 3.2 percent this year and 2.7 percent in 2023, with a downward 0.2-percentage-point revision for 2023 from the July forecast.
The international community pins its hope on major economies to strengthen coordination on macroeconomic policies and promote multilateralism, openness, inclusiveness and win-win cooperation at the summit.
Established in 1999, the G20 is a central forum for international cooperation on financial and economic issues. It comprises 19 countries plus the European Union. The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Türkiye, Britain and the United States.