Turkey to take on global inequality during its term at the helm of G20

After Australia, it’s the turn of Turkey to chair the G20 and set the agenda to meet the global economic challenges head on.

Deputy Prime Minister Ali Babacan says three words will guide Turkey during the one year stint as G20 President: inclusivity, implementation and reform.

Since the recently concluded G20 Summit in Brisbane, Australia, Turkey has been emphasizing on the ‘inclusivity’ factor, and the need to reach out to low-income countries and take care of even those countries, which are not G20 members. The country aims to become a bridge between the developed nations and poor income economies, and carve out a path to take on global inequality in the most effective manner possible.

The topics that would attract most of the attention during the Turkey presidency include: "Strong, sustainable and balanced economic growth, infrastructure investments, financial regulation, international financial architecture, international tax issues, energy, trade, employment, financing climate change, development and promoting transparency to uproot corruption." In the words of Babacan, “hosting the G20 presidency is a big opportunity and a big challenge for Turkey, which is hosting the G20 for the very first time in its history.”

Global unemployment is also on the radar of Babacan, who said that the G20 leaders would prioritize the "most vulnerable segments of society." He also emphasized on the increased participation of the private sector to boost economic growths and create employment opportunities.

Tayyip Erdogan, the president of Turkey, wants Turkey to make a place in the list of top 10 economies of the world by 2023, the year the country will celebrate its 100th anniversary of the founding of the modern republic.

The host will invite a few countries as well, which would add value to its term as the chair of G20; Spain, Singapore, and Azerbaijan would be invited to the 2015 summit, which would be the 10th G20 summit and held in Antalya on November 15-16th 2015. After serving a year as the host, it’ll hand the presidency to China for 2016.

It is to be noted that the G20 or Group of 20 is made up of 19 nations plus the European Union, and acts as a forum to discuss issues that impact G20 economies and ways to improve the global economic outlook. The G20 leaders get tremendous help from the Business 20 (B20), which is a forum through which the private sector produces policy recommendations for the annual meeting of the Group of 20 (G20) leaders.

The Business 20 (B20) is a forum through which the private sector produces policy recommendations for the annual meeting of the Group of 20 (G20) leaders. The B20 brings together business leaders from across G20 member countries to reflect the key role of the private sector as the main driver of strong, sustainable and balanced growth. For more on B20, G20 leaders, or global economic outlook, please read our other articles.

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