G20 Second FWG Emphasises On Need To Manage Global Inflation And Remain Vigilant To Emerging Risks

The second G20 Framework Working Group which met here over the last two days emphasised on the need to step up efforts to manage global inflation and remain vigilant towards emerging financial risks. The Framework Working Group meeting which began on Friday was chaired by Chief Economic Advisor V Anantha Nageswaran along with the co-chair United Kingdom Chief Economic Advisor to the Treasury, Clare Lombardelli. 

Around 87 delegates from G20 member countries, invitees, representatives from international organisations attended the meeting. During the two day meet, members discussed and agreed on the way forward for important deliverables for the year including those on macro-economic consequences of food and energy insecurity and climate change, an official release said. 

"The discussion on the global economic outlook and risks emphasised on the need to continue efforts to manage global inflation and remain vigilant to emerging financial risks." it said. The visiting members deliberated on how food and energy prices remain elevated in many economies affecting vulnerable countries. 

Ensuring availability and accessibility of critical minerals to facilitate smoother transition as well as generating domestic savings to meet investment needs to boost economic growth was also discussed during the event. A panel discussion on the 'macro-economic impact of climate change and transition pathways' was organised in collaboration with the United Arab Emirates. The session aimed to develop a collective understanding of the challenges facing countries during the climate transition and initiate a discussion on the macro-economics around climate policy action and transition pathways, the release said. 

A financial literacy programme for farmer-producer organisations, farmers and self-help groups was also organised by the Reserve Bank of India, the release said.