ASHEVILLE, North Carolina – AGAINST the backdrop of the Blue Ridge Mountains, finance ministers and central bank governors from the Group of 20 (G20) leading economies will gather in Asheville on August 31 and September 1 to address some of the most pressing challenges facing the global economy.
The meeting comes at a time when countries continue to grapple with uneven economic growth, rising government debt, financial market risks and growing concerns surrounding digital assets and global economic imbalances.
The United States, which holds the G20 presidency this year, is placing economic growth at the centre of its agenda.
For U.S. Treasury Secretary Scott Bessent and the Treasury Department, the focus is on policies that can support stronger long-term growth, encourage private-sector investment and remove what Washington describes as structural barriers affecting workers and businesses.
The U.S. administration wants business investment and private-sector participation to play a greater role in driving economic activity.
During a meeting in April, G20 finance ministers and central bank governors identified several obstacles to stronger growth, including excessive regulatory requirements, tax and financial incentives that may discourage investment, inadequate public and private investment, barriers within domestic markets and challenges related to workers' skills and mobility.
The U.S. presidency has also been seeking greater participation from the private sector in the G20's economic discussions.
Private-sector representatives met with G20 deputies in May to discuss ways of encouraging growth across various industries, while additional engagement with businesses is expected through the Finance Track during the year.
Beyond growth, economic imbalances between major economies are expected to receive significant attention in Asheville.
The U.S. Treasury has warned that persistent global imbalances can distort economic activity and create financial vulnerabilities that can spread across borders.
The United States is therefore pushing G20 members to examine the policies and structural conditions contributing to those imbalances.
As part of that effort, G20 members are preparing guidance for the International Monetary Fund and the Organisation for Economic Co-operation and Development to improve the way global imbalances are monitored and assessed.
Sovereign debt is another major issue expected to feature prominently in the discussions.
The United States is advocating for greater transparency in government borrowing and more predictable and timely debt restructuring when countries experience financial distress.
The U.S. G20 presidency has worked with the Paris Club to develop and publish an illustrative memorandum of understanding that could be used under the Common Framework for debt treatments.
Washington is also encouraging broader participation by G20 members in the World Bank's Debt Data Sharing Exercise, which is aimed at improving the availability and quality of information on government debt.
Financial regulation will also be under review, with the United States arguing that regulatory systems must protect financial stability without unnecessarily restricting investment and economic growth.
The U.S. priorities include modernising financial regulation and supervision, reducing regulatory and market barriers and creating room for financial innovation.
One of the most rapidly evolving areas is digital finance.
G20 finance officials are discussing clearer legal and regulatory frameworks for digital assets, while also looking at ways to strengthen measures against money laundering and other illicit financial activity involving digital assets.
Cross-border payments, financial recovery and resolution frameworks, and efforts to combat fraud are also part of the Finance Track's work.
Much of that work is being conducted through international bodies such as the Financial Stability Board and the Financial Action Task Force.
Officials have been examining national financial literacy strategies and sharing approaches to financial education, with particular attention being paid to whether better financial knowledge can help consumers identify scams and protect themselves against fraud.
The World Bank and the U.S. G20 presidency co-hosted a discussion on global financial literacy during the IMF and World Bank Spring Meetings in April.
The United States also sponsored a Financial Literacy Solutions Sprint, highlighting technology- and data-driven approaches being developed across G20 countries to expand access to financial education.
The Asheville meeting therefore comes with a broad agenda, but the underlying objective is clear: finding ways to make the global economy more resilient while encouraging investment and sustainable growth at a time of continuing economic uncertainty.
