Rebalancing, Growth, And Development In A Multipolar Global Economy

Reduction of large and persistent external imbalances is currently a key focus of G-20 discussions. The paper argues that in a progressively multipolar world economy, the goals of global rebalancing, growth, and development are increasingly inter-linked. Growth-oriented rebalancing calls for emphasizing structural reforms and leveraging the role of developing countries in supporting strong and balanced global growth. Since its launch at the Pittsburgh summit in 2009, the G-20 Framework for Strong, Sustainable, and Balanced Growth and related Mutual Assessment Process (MAP) has rapidly emerged as the main instrument for economic policy coordination in the G-20. Members engage in a mutual assessment of the consistency of their national policies and plans with the group's shared growth and development objectives.