By Gautam Chikermane
The world economy is slowing down, the risks are rising, and a new cloud of uncertainty weighs heavy on economic policymakers across geographies. These are the forecasts and findings of the July 2022 World Economic Outlook of the International Monetary Fund (IMF), the sense of which was known to all clear-headed people. There are three points to be studied here. First, the extent of the slowdown and the place of individual nations in it. Second, the risks ahead. And third, the narratives being cobbled together in a never-seen-before public relations exercise that betrays the first principles, the definitions, the very essence of economics. All of which converge and test the intellectual leadership of India’s Group of 20 (G20) presidency.
This essay examines the 19 countries that comprise the G20 and command 80 percent of the global GDP, 75 percent of international trade and holds three-fifths of…