Structural reforms and global cooperation

FROM Sept 3 to 5, business leaders from the world's top 20 economies gathered in Ankara, Turkey, for the annual Business 20 (B-20) Conference to finalise their recommendations for the annual Group of 20 (G-20) leaders' meeting in November. The B-20 is the forum through which businesses produce policy recommendations for G-20. Singapore is privileged to be part of both the B-20 and G-20 this year as a guest country. I was privileged to represent the interests of the Singapore business community at the B-20.

One may ask, why would our businesses, local or foreign-owned, be interested in fora such as the B-20 and G-20? The key reason is globalisation and the increasing inter-linkages of economies around the world. Our businesses are increasingly dependent on the performance of the global economy. Collectively, the G-20 economies account for about 85 per cent of the global economy, 80 per cent of world trade, and two-thirds of the world's population. These facts underline the importance of the G-20 platform to enable global growth and jobs creation. The existence of the B-20 reflects the key role that businesses play as one of the main drivers of growth.

The current global economic outlook is weak and uncertain. Although it has been seven years since the global financial crisis, world economic growth has yet to recover to its pre-crisis trajectory. Job creation remains sluggish in many countries. This one-two punch - bolstered by recent financial volatility - is making millions of people around the world feel hopeless about the prospects of a prosperous future.