This essay offers a general assessment of Japan’s performance in the 2019 G20 and G7 Summits, held respectively in Osaka, Japan and Biarritz, France and looks at how Tokyo coordinated with its European partners (The European Union (EU) institutions and the EU Member States) in these international settings.
Confirmed cases of the novel coronavirus (Covid-19) exceed 3 million as of April 30 and continue to climb. To combat the virus’ spread, governments have implemented restrictions on economic activity unprecedented in peacetime. The Organisation for Economic Co-operation and Development estimates that containment measures will cause an initial decline in the level of output of 20 to 25 percent in many economies, and the International Monetary Fund (IMF) projects negative global growth for 2020 with “the worst economic fallout since the Great Depression.”
Author: Kazuhiko Togo, Kyoto Sangyo University
In 2014 the G20 promised to implement country-specific reforms to increase G20 GDP by 2 per cent by 2018, or about US$2 trillion. But according to the IMF’s latest forecasts the G20 is falling short by US$5 trillion. G20 GDP will be 3 per cent smaller in 2018 instead of being 2 per cent larger. So which countries aren’t pulling their weight?
To have done its fair share, each country needs to have grown its GDP by at least 2 per cent since October 2013 (the baseline for the commitment). To cut to the chase, Asia is not doing the heavy lifting, contrary to popular opinion. The region tends instead to be fairly mixed in terms of its performance.