G20 Tackles Global Wealth Gap: Historic Move by South Africa
South African President Cyril Ramaphosa has unveiled a G20 experts taskforce to explore global wealth inequality's effects on growth, poverty, and multilateralism. Chaired by Nobel laureate Joseph Stiglitz, the taskforce aims to present actionable policy proposals to G20 leaders in Johannesburg this November.
- Country:
- South Africa
South African President Cyril Ramaphosa announced the formation of the first-ever G20 experts taskforce dedicated to addressing global wealth inequality. The initiative aims to assess how disparities in wealth impact economic growth, poverty alleviation, and international cooperation.
Heading the six-member taskforce is Nobel Economics Prize winner Joseph Stiglitz, who will lead discussions aimed at generating policy recommendations for G20 leaders gathering in Johannesburg this November. The taskforce includes key figures like UNAIDS Executive Director Winnie Byanyima and economist Jayati Ghosh.
Ramaphosa highlighted global awareness of inequality-driven issues, including vaccine distribution during COVID-19, and rising food and energy prices. Stiglitz emphasized that inequality results from policy choices, urging G20 nations to pursue a more equitable global economy. As South Africa's G20 presidency concludes, the United States will assume the role by year's end.
(With inputs from agencies.)
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