As the rotating presidency of the Group of Twenty (G20), South Africa announced on the 28th the establishment of the "Independent Expert Panel on Global Wealth Inequality," chaired by Nobel Laureate in Economics and Columbia University professor Joseph Stiglitz.
This committee is composed of six internationally renowned experts and will submit the first ever expert report on global wealth inequality in the organization's history, along with feasible solutions, at the G20 Leaders' Summit to be held in Johannesburg in November.
South African President Cyril Ramaphosa pointed out that extreme inequality is eroding the dignity and well-being of people.
He cited the example that people are acutely feeling the impact of rising food and energy prices, debt burdens, and trade frictions—all factors that continue to widen the gap between the wealthy and other groups around the world, undermining global progress and economic vitality.
Stiglitz stated that poor governance under globalization has exacerbated social discontent in many places, which in turn further deepens the state of inequality. The G20 countries are fully capable of embarking on a fairer path through different economic and social policies.
South Africa assumed the rotating G20 presidency on December 1st last year, becoming the first African nation to take on this role, and has set "unity, equality, and sustainability" as the agenda themes during its term.
The G20 has broad coverage and strong representation, including major developed economies and emerging market economies. Its member population accounts for two-thirds of the global total, its countries’ GDP accounts for 85% of the world’s GDP, and its trade accounts for 80% of global trade.