The Summit of «Group of Twenty» – 2016: geopolitical assessments

  • O. S. Vonsovych Ukrainian-Polish institution of higher education» «Central European university»
Keywords: global economic processes, cooperation, geopolitical aspects, innovations, decisions, tasks

Abstract

The article investigated the geopolitical assessments of the results of the Summit of «Group of Twenty», which took place in Hangzhou from 4 till 5 September, 2016. The main idea of this event was the development of  innovation, healthy, coherent and inclusive economy. Moreover, important for the geopolitical consolidation of efforts of member countries in the context of further development of the world economy was making such documents as: Contours of the innovative growth of «Group of Twenty», Action plan of «Group of Twenty» in connection with a new industrial revolution, Hangzhou action plan, which set out a strategy for overall and confident growth and also initiative of «Group of twenty» in development and cooperation in the field of digital economy. Important thing is that analysis of the Summit’s results for world regions is important from a geopolitical point of view. We can predict that in the future geopolitical dialogue between the EU and the US in the economy will become more vital for both sides, and will enable to contribute to the implementation of more global challenges of the global economy. We should mention that Summit of «Group of Twenty» largely determined the prospects of global economic processes and build a new world economic order with the introduction of innovative approaches and elements of the digital economy. Activity on the functioning of the global economy should be based on the collective efforts of all participants and take into account all the realities on the international stage. No less important is that the Summit proved the presence of leading geopolitical centers that affect not only the balance of power in the world, but also the further development of key economic processes. Each of these centers sees its future not only the global economy but the global system as a whole as well as its geopolitical influence in certain regions and countries. On the one hand, as for the development of innovative, healthy, coherent and inclusive global economy, we should say that this is a long-term process, which must go through a series of complex geopolitical discussions and negotiations as to what will be the future of the world economy. On the other hand, in order to achieve the final goal, we must also consider the political and security aspects. Without achieving normalization of relations between the parties, which are now involved in the conflicts in different regions without increasing counteracting terrorism, without implementation of the agreements, without actualization of the role of diplomacy it is not possible the formation of a stable, functional and efficient global economic system. Geopolitical factors largely determine not only the behavior of states on the international stage, but also the ways in which global processes carried out, including economic. Therefore, in this context important is the consolidation of efforts and resource potential for continuation of work on a new global economic order of the XXI century, which would take into account all needs of humanity.

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Published
2016-08-18
How to Cite
Vonsovych, O. S. (2016). The Summit of «Group of Twenty» – 2016: geopolitical assessments. Scientific and Theoretical Almanac Grani, 19(9), 103-108. https://doi.org/10.15421/171685
Section
POLITICAL SCIENCE