G20 Summit could use a few extra pairs of chopsticks

“If there’s an extra guest, you have to prepare an extra pair of chopsticks,” – an ancient Chinese wisdom for the upcoming G20 Summit in Rio de Janeiro.

The global economic order is undergoing an obvious shift toward Global South countries, as the International Monetary Fund (IMF) predicts that by 2030, developing economies will account for 60% of global GDP — up from already 50% in 2010.

With emerging markets playing an increasingly prominent role at the global “economic table,” the question facing the G20 is clear: Where is the hospitality, and those extra pairs of chopsticks?

Formed in the 1970s, G7, the more “elite” club of G20, was designed to address the economic challenges of its time. At its peak, the G7 nations accounted for 60-70% of global GDP, with the U.S. alone contributing 25%. This dominance made the G7 a natural hub for global economic decision-making.

But as the global economy diversified, so too did the need for governance structures that reflected this reality. By the 1990s, the rapid growth of emerging economies such as China, India, and Brazil reduced the G7’s share of global GDP.

Recognising the limitations of G7 as an exclusive forum, the G20 was established in 1999, incorporating a broader range of voices from across Asia, Africa, and Latin America.

Yet, despite its broader membership, the governance structures of the G20 still tilt heavily toward historically dominant economies, leaving the perspectives of the Global South under represented.

In 2023, developing economies attracted about 65% of global foreign direct investment (FDI).

Many of these nations boast young populations, in stark contrast to aging demographics in Western countries. For instance, Africa’s median age is 18.8, compared to over 40 in many Western European countries. By 2030, the Asian middle class alone is expected to exceed three billion people.

These economic transformations underline the need for more fair and inclusive governance systems. Just as a gracious host ensures there are enough chopsticks for every guest, the G20 must adapt to accommodate the realities of a multipolar economic world.

This is not merely a symbolic gesture. Global South nations have legitimate demands for reforms in international institutions like the United Nations Security Council, the IMF, and the World Bank, all of which remain skewed toward the interests of Western nations.

The inclusion of perspectives from emerging economies isn’t just about fairness — it’s about crafting more effective and sustainable solutions to global challenges.

The rise of the BRICS is a case in point. Originally formed as a loose group of emerging economies, BRICS has evolved into a platform for addressing global imbalances, recently expanding to include nations like Argentina, Egypt, and Saudi Arabia.

This expansion signals a broader desire among Global South countries for alternative frameworks to the traditional Western-led institutions.

The 2024 G20 Summit in Brazil offers a rare chance to recalibrate global governance. With a host nation that is itself a leader in the Global South, the summit is well-positioned to champion a more balanced approach to decision-making for global affairs.

This does not mean sidelining the priorities of developed nations; rather, it calls for recognising that the inclusion of diverse perspectives leads to more innovative and equitable solutions.

For Western countries, this shift will require letting go of long-held assumptions about leadership and embracing the legitimacy of different economic models and governance approaches.

The Global South’s rise is not about dismantling the established order but about evolving it to reflect the realities of today’s interconnected world.

By preparing those extra pairs of chopsticks, the G20 can ensure a more inclusive future — one that respects the voices of all its members, regardless of their economic status.

Not having to share the table may seem convenient, but if we zoom out, we see that many in the world still struggle to secure even the basics, let alone a seat at the global table.

Preparing a few extra pairs of chopsticks isn’t just a metaphor, but a call for a more balanced, diverse, and inclusive global order.

* Li Yunqi is a CGTN Radio host.

** The views expressed do not necessarily reflect the views of IOL or Independent Media.