Column: The G20 Summit managed to fulfil everyone’s very low expectations

International summits have earned themselves a bad reputation for being no more than a photo opportunity and a stage for speeches full of froth with little substance let alone impact. This year’s G20 summit in eastern China, which ended on Monday, did not disappoint those who had hardly any expectations for this gathering of the major world economies’ leaders.

It ended with a long and tedious communique that reiterated what we know already about the state of the global economy: growth is insufficient and austerity backfires. It was another example of many leaders on display, but no leadership to show for it.

Despite the funfair of hosting the most powerful leaders in the world, the climax of this high powered weekend gathering took place before most dignitaries even landed at the airport of the city of Hangzhou. On the eve of the summit President Obama confirmed that the United States and China, who together account for the emission of 38 percent of greenhouse gases, will formally ratify the Paris climate change agreement. It seemed to be the only silver lining in an otherwise mundane summit, which failed to inspire the world with both vision and policies to tackle growth in the global economy

The lack of creative thinking and new ideas in a summit entitled, “Towards an innovative, invigorated, interconnected and inclusive world economy,” is both ironic and disheartening. After all the G20 represents 90 percent of the global economy and 80 percent of global trade. Angel Gurria, the General Secretary of the Organization for Economic Co-operation and Development (OECD), sent a stark warning to the participants in Hangzhou that “The world’s central banks are ‘pretty close’ to the limits of their ability to stimulate economies.”

Since the beginning of the economic crisis of 2008, many central banks dropped interest rates to almost zero and were pumping money into the economy through what is known as quantitative easing. Yet, the most optimistic growth forecast suggests no more than a modest 3 percent growth in the global economy this year. This is not that surprising considering the reluctance to question the very foundations of the current global economic system, instead of constantly tweaking the failing one.

In a world in which more than half of the population is under the age of 30, not addressing the needs and well-being of the young can only be regarded as criminal neglect

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