(Excerpt of article by Shanker Singham from CAPX)
We live in an age of rapid economic change. New technologies are having an impact on the world that was unthinkable a generation ago; and industries are more mobile than ever, meaning that supply chains get reshaped, new centres of growth emerge and we see the resulting shifts in the balance of economic power.
Yet far too many of the bodies and institutions supposedly setting the global economic agenda remain stuck in a bygone age, obstinately resistant to the changes occurring around them.
G20 membership is not about claiming economic perfection, but rather a recognition of countries making a substantial contribution to the global economy
The G20 is a case in point.
It is an entity that ought to be helping national leaders refocus on the core pillars that help deliver growth: economic dynamism, productivity and the elimination of barriers to voluntary exchange.
But the anti-growth policy choices of some existing members have a tendency to skew its conclusions because its membership still reflects the economic hierarchy of yesteryear.
That needs to change – and it is why The Growth Commission, which I chair, is calling for its membership to be reviewed and in particular for Poland to be afforded a permanent place at its table.