ADBI Shapes G7 Germany Policy Advisory Discussions, Promotes Asian-Led Recovery Solutions
Hamburg, Germany – Asian Development Bank Institute (ADBI) experts led by Dean Tetsushi Sonobe have helped launch the policy advisory discussions of the Think7 (T7), the Group of 7’s (G7) think tank engagement group that is formally convening for the first time as part of Germany’s 2022 G7 presidency.
Dean Sonobe, Co-Chair of the T7 Germany Economic Recovery Task Force, noted during the virtual T7 Inception Conference that all G7 countries are Asian Development Bank members and explained how policy innovation in Asia and the Pacific can foster more impactful G7-T7 outcomes vital to addressing the COVID-19 crisis and long-term sustainable development needs.
Dean Sonobe stressed the importance of advancing evidence-based solutions to socioeconomic challenges in Asia and the Pacific that have global consequences. He also described how work to develop better methods for visualizing and measuring the severity of socioeconomic problems in the region can be applied worldwide, while calling for close collaboration with the Group of 20 (G20) and Think20 (T20) hosted by Indonesia in 2022 and India in 2023.
The T7 Germany Economic Recovery Task Force will explore policy next steps for reviving economies in alignment with global climate targets and the Sustainable Development Goals. Among the focuses will include sustainable and inclusive growth imperatives, sustainable finance, fiscal policy and surging public debt, monetary policy, and trade imbalances.
Policy recommendations produced by T7 Germany task forces will be presented to the G7 for consideration and spotlighted during the T7 Summit in May, setting the stage for the G7 leaders’ summit on 26-28 June in Schloss Elmau.