Second G20 Framework Working Group meeting concludes in Chennai

The Second G20 Framework Working Group (FWG) meeting under Indian G20 Presidency concluded in Chennai on Saturday. The two-day meeting was co-chaired by V. Anantha Nageswaran, India’s Chief Economic Advisor, and Clare Lombardelli, Chief Economic Adviser, United Kingdom Treasury.

The Second G20 Framework Working Group (FWG) meeting under Indian G20 Presidency concluded in Chennai on Saturday. The two-day meeting was co-chaired by V. Anantha Nageswaran, India’s Chief Economic Advisor, and Clare Lombardelli, Chief Economic Adviser, United Kingdom Treasury.

Around 87 delegates from G20 member countries, invitees and international organisations attended the meeting, according to a statement.

FWG focuses on global macroeconomic issues and deliberates on how policy cooperation can be enhanced to achieve strong, sustainable, balanced and inclusive growth (SSBIG).

The agenda for the meeting involved discussions on the global economic outlook and risks with a particular emphasis placed on inflation, macroeconomic implications of food and energy insecurity, climate change and transition policies.

At the meeting, members discussed and agreed on the way forward for important deliverables for the year. Detailed technical presentations were made by several International Organisations on these issues to inform the FWG outcomes. Members also deliberated on how food and energy prices remain elevated in many economies, disproportionately affecting vulnerable countries. The discussions also highlighted the difficult trade-offs countries face as they balance short-term energy security with long-term structural reforms for the transition to cleaner energy.

On the sidelines of the FWG meeting, a panel discussion on the ‘Macroeconomic Impacts of Climate Change and Transition Pathways’ was also organised in collaboration with the United Arab Emirates, who will assume Presidency of COP28. The session aimed to develop a collective understanding of the challenges facing countries during the climate transition and initiate a discussion on the macroeconomics around climate policy action and transition pathways.