The high-level economic conference held in Hamburg ahead of the G20 meeting covered the main issues on the agenda of the G20 summit, including macroeconomic policy coordination, migration, technological drivers and risks for the world economy, challenges facing emerging markets as well as developments in global governance and new development institutions.
The discussions sought to elicit best practices in economic policies that could be replicated in other countries and regions, thus develop mechanisms for international policy coordination that could pull the global economy out of the ‘new normal’ of lower growth rates for long.
Another point was the ‘normalization’ of monetary policy in developed world that poses a challenge to the emerging markets, which have to cope with rising interest rates in the US through sufficient buffers and policy improvements.
Yaroslav Lissovolik, Programme Director of the Valdai Club Foundation and Chief economist with the Eurasian Development Bank, focused on the BRICS prospects and the possibility of the emergence of a new BRICS+ framework.
The proposal by China to develop a new platform for economic integration in the global economy on the basis of BRICS+ could provide new opportunities for economic integration against the backdrop of stalling globalization impulses in the developed world.
The BRICS+ grouping could be based on the cooperation across the regional trading arrangements formed by BRICS economies as well as the respective regional development banks and financing institutions.
According to Yaroslav Lissovolik the priority areas for the G20 in the sphere of global governance is to develop “North-South” linkages, such as cooperation between the Bretton Woods and the new development institutions and facilitation of open and inclusive regionalism in the global economy.