NARDOS BEKELE-THOMAS: South Africa’s G20 presidency: catalyst for Africa’s development
The world is at a critical juncture, facing unprecedented global uncertainty, flux, and polycrises. Climate change, inflation, escalating debt vulnerabilities, unwinding multilateralism, protectionism, and rising global tensions are converging to threaten global stability. Amid this chaos, South Africa’s G20 presidency offers a unique opportunity to shape the global agenda and secure commitments from powerful economies to address common critical issues with differentiated impacts, unfairly affecting developing nations.
Africa is particularly vulnerable to these global shocks. Persistent inflation, unsustainable debt, and currency depreciations are compounded by conflicts, such as the ones in the Democratic Republic of the Congo and Sudan, raising concern about regional instability. More than a third of African countries are in debt distress or at high risk thereof, with continental inflation rates averaging 13.9% last year...
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