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African eyes set to be fixed on upcoming G20 Summit

G20 Summit

​The upcoming G20 Summit in Hangzhou, China on September 4th is expected to generate plenty of interest from figures all over the world, but it is developing countries that may well take the keenest interest.

That is the verdict of several South African experts, including Sabelo Gatsheni-Ndlovu, a researcher on Developmental Studies at the University of South Africa, who told Chinese news agency Xinhua that countries across Africa are to take a particularly keen eye on measures that they hope will combat global problems, including the environment, terrorism and general economy development.

Gatsheni-Ndlovu said: "The world is facing depressed growth and they have to come up with a solution on what needs to be done."

The environment is a particularly pertinent subject for many analysts and experts, with Gatsheni-Ndlovu stating that developed nations need to face up to the fact they are responsible for depletions in the ozone and take action accordingly.

The summit itself is to be held under the title, "Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy", and Gatsheni-Ndlovu believes there is a real need for a long-term strategy in order to address the perceived slowdown in the global economy.

Concerns over the economy are also in the thoughts of Kuben Naidoo, Deputy Governor of the South African Reserve Bank (SARB), who in an interview of his own with Xinhua said there needs to be detailed plans drawn up by the G20 to avoid another potential economic crisis in the future.

"We expect G20 to address the broader issues around global growth, getting growth back on track to ensure sustainable growth and making sure that the financial sector reform process continue. We have to deal with too-big-to-fail issues," he said.

One such issue in need of addressing is that of Base Erosion and Profit Shifting (BEPS), which has become an issue for governments across the world.

OECD research has already made the conservative estimate that around four and ten per cent of global corporate income tax revenues are lost to non-compliance every year at a value of up to $240 billion.

The new OECD-led project and Common Reporting Standards that aim to lay bare non-compliant practices has already lead to action in South Africa, with the Reserve Bank's Financial Surveillance Department giving citizens a six-month period from October 1st this year under what is known as the Special Voluntary Disclosure Programme (SVDP).