South Africa Urges G20 to Lead Global Economic Recovery

South Africa's Director-General of the National Treasury, Dr. Duncan Pieterse, has called on G20 members to take decisive action in addressing the challenges facing the multilateral system. He spoke during the G20 Finance Track meetings, emphasizing the bloc's role in guiding global economic recovery and fostering inclusive development.

During the event held in KwaZulu-Natal, Dr. Pieterse highlighted the significant hurdles confronting the global economy, including uneven growth, high debt, inflation, and financial tightening. He noted the importance of digitalization, climate finance, and demographic shifts in reshaping global economies.

Echoing President Cyril Ramaphosa's call, Dr. Pieterse urged for strengthened G20 efforts to create a stable international financial architecture, improve debt sustainability, and bolster development financing. Discussions at the three-day meeting are expected to guide the Finance Track's outcomes ahead of the November G20 Summit.

(With inputs from agencies.)