G20 in layman’s terms

Article written by:  Samantha Pillay (BCompt) | Intermediate Audit Trainee | MD Accountants & Auditors Inc.

Recently I have come across the G20 summit, while watching one of my favourite series; it popped up as an advertisement and got my attention as I never knew what the hysteria was all about.

I thought to myself why anyone would care about the underdeveloped countries so much that they would host such an event that required a group of twenty major economies (that is what it stands for by the way).

The members include 19 individual countries—Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States—along with the European Union (EU). The EU is represented by the European Commission and by the European Central Bank.

It actually is an awesome event as they try and combat those corporations that use child labour to inflate their profits as well as those entities trying to avoid tax.

How does it affect South Africa then? At the end of the summit which ran from 15 to 16 November 2014 G20 countries agreed to enhance investment and trade, significantly increase job creation, as well as implement a growth strategy with the aim of reducing inequality and poverty.

This year Turkey will be holding the G20 and they have the following agenda: Focussing its efforts on ensuring comprehensive and robust growth through collective action.

This can be formulated as the three I’s of the Turkish Presidency:  Inclusiveness, Implementation, and Investment for Growth.

All is well and ends well as the G20 meetings come and go on an annual basis, I am in anticipation of the implementation of the policies proposed as in my opinion these days may be deemed two wasted days discussing ways to improve the global economy and infrastructure.  Hard work needs to be consistent and the members need to be motivated in accomplishing the policies throughout the year to achieve desired results.