In the Spotlight
A new Think 20 (T20) policy brief co-authored by ADBI’s Peter Morgan and Nella Hendriyetty urges coordinated and comprehensive fiscal policies to address the pandemic-driven economic crisis. It proposes short and long-term actions, including health-related fiscal stimulus and stabilizing monetary policies. It also advocates measures that could help promote infrastructure financing, narrow income gaps, and deliver financial support to severely affected sectors to foster resilient and inclusive post-pandemic growth. The policy brief was also co-authored by former ADBI Dean Naoyuki Yoshino and the Australia-China Belt and Road Initiative’s Jean Dong.
Extending digital financial education to disadvantaged groups will be key to advancing financial inclusion in the digital age, according to a new Think 20 (T20) policy brief authored by ADBI’s Peter Morgan and Long Trinh and ADB’s Bihong Huang. It discusses the increasing need to address disparities in digital financial literacy (DFL) in light of pandemic-accelerated digitalization. It also details policy recommendations, including DFL standardizing measures, identification of the vulnerable, and targeted education programs delivered in coordination with Big Tech, non-governmental organizations, and financial institutions to promote an inclusive digital economy.
A new Think 20 (T20) policy brief co-authored by ADBI’s Deputy Dean Chul Ju Kim and Pitchaya Sirivunnabood details strategies for addressing workforce and fiscal sustainability pressures linked to accelerating demographic transition. It urges productivity enhancement by promoting inclusive labor participation via the female workforce and a higher retirement age, as well as education, training programs, and skill development. Fiscal and comprehensive social security and healthcare reforms will be crucial for achieving fiscal sustainability in the face of rapid population aging, it adds.
Innovative approaches for boosting quality infrastructure investment that could accelerate COVID-19 recovery are detailed in a new Think20 (T20) policy brief, co-authored by ADBI's Nella Hendriyetty. It explains how post-pandemic fiscal strain will make public financing of infrastructure projects increasingly challenging and outlines ways to promote profitable, sustainable, and resilient private investment. Its recommendations include spillover tax revenue schemes to lure private investors, greater financing for small and medium-sized enterprises alongside infrastructure development and enhanced natural disaster preparedness.
Ways to accelerate sustainable energy transition to drive global COVID-19 recovery are explored in a new Think20 (T20) policy brief, co-authored by ADBI Senior Capacity Building and Training Economist Nella Hendriyetty. It emphasizes the importance of boosting private sector support for green energy development and implementation of the Paris Agreement. The focuses include G20-coordinated sustainable recovery measures, renewable energy expansion, environmental assessment and fossil fuel transition, and promotion of electricity access and efficient consumption.
Learn about ADBI’s policy innovation and leadership in the T20—The G20's research and policy advice network
T20 Italy 2021 Inception Conference Remarks by ADBI Dean Tetsushi Sonobe
This policy brief examines the need for coordinated fiscal and monetary stimulus to address challenges related to the scale of COVID-19’s spread and severe negative impact on the global economy. The aim is to encourage the G20 to develop a coordinated framework and principles to guide effective measures on a global scale. In the short-term, this approach could help contain the spread of the virus and stabilize the economy. In the medium- to long-term, it could support the adoption of policies conducive to economic growth and development.
- Peter J. Morgan, Vice Chair of Research, ADBI
- Nella Hendriyetty, Senior CBT Economist, ADBI
- Naoyuki Yoshino, Professor Emeritus, Keio University
- Jean Dong, Chief Executive, China Australia Belt and Road Initiative
Contact: Peter J. Morgan ([email protected])
This policy brief describes four proposals based on demographic stages to ensure fiscal sustainability and social cohesion. First, it discusses ways to raise productivity through human capital investment and enhanced labor participation achieved by increasing female participation, extending the retirement age, and implementing migration policies. Second, it calls for strengthening fiscal frameworks with tax reforms and thorough public spending review. Third, it urges the reform of public pension and healthcare schemes to address the negative impacts on fiscal sustainability and workers’ welfare after retirement. Fourth, it recommends investment in formal and technical education to equip future generations with the skills required in future job markets.
- Chul Ju Kim, Deputy Dean, ADBI
- Pitchaya Sirivunnabood, CBT Economist, ADBI
- Yong Jun Baek, Research Associate, ADBI
- Karen Young, Resident Scholar, American Enterprise Institute (AEI)
- Cian Mulligan, Senior Research Associate, KAPSARC
- Sara Lechtenberg-Kasten, Research Fellow, KAPSARC
The development of financial technology (fintech) products and services creates greater opportunities for financial inclusion but requires more knowledge on the part of consumers to understand their costs, risks and benefits. The key challenge is that there are significant digital financial literacy gaps between men and women, urban and rural residents, and small and large firms, among others. This policy brief examines these issues and digital financial literacy education strategies that could narrow these gaps.
- Peter J. Morgan, Vice Chair of Research, ADBI
- Bihong Huang, Research Fellow, ADBI
- Trinh Q. Long, Project Consultant, ADBI
Contact: Peter J. Morgan ([email protected])
T20 Saudi Arabia 2020: Featured Activities
ADBI to T20: COVID-19 Action Vital to Demographic Transition
ADBI Capacity Building and Training Economist Pitchaya Sirivunnabood highlighted the importance of addressing COVID-19 shocks to avoid exacerbating demographic transition challenges during a Think20 (T20) task force webinar on 2 June. Sirivunnabood suggested the G20 and other countries create sufficient fiscal space to mitigate the pandemic’s health and economic impacts, and help confront demographic changes like population aging. She also called for inclusive measures that recognize vulnerable groups such as older people, females, and migrant workers to ensure social cohesion.
ADBI Details COVID-19 Financial Inclusion Guidance Before T20
ADBI Vice Chair of Research Peter Morgan explained during a Think20 (T20) task force webinar on 20 May that greater efforts by the G20 and other governments to promote digital financial literacy could advance financial inclusion in the COVID-19 era. Morgan said the pandemic-driven acceleration of the digital economy is increasing the need for national digital financial education strategies and guidelines, developed in coordination with fintech companies. He noted that this approach could boost access to financial services and financial education for disadvantaged groups.
ADBI Briefs T20 on COVID-19 Infrastructure Solutions
ADBI Senior Capacity Building and Training Economist Nella Hendriyetty discussed ways the G20 and other governments can bolster quality infrastructure growth that supports post-COVID 19 economic recovery and job creation during a Think20 (T20) task force webinar on 20 May. Hendriyetty said policy makers could address COVID-19 triggered weakening in public infrastructure funding by introducing innovative policies to attract private investment while boosting small and medium-sized enterprises for increased spillover effects to ensure sustainable growth.
ADBI Launches New T20 Research in Saudi Arabia
ADBI experts introduced new research for enhancing policy in the G20 at the Think 20 (T20) Saudi Arabia Inception Conference in Riyadh on 19-20 January. ADBI Dean Naoyuki Yoshino, T20 infrastructure financing task force co-chair, described research on delivering profitable and sustainable quality infrastructure investment. ADBI Deputy Dean Chul Ju Kim detailed papers on enabling fiscal sustainability amid demographic change and private sector low carbon investment in the power sector. ADBI Vice Chair of Research Peter Morgan and T20 economy, employment, and education in the digital age task force co-chair discussed a study on addressing gaps in digital financial education. The findings will be presented at the T20 Summit in Riyadh later this year. See photos.
T20 Japan 2019: Featured Activities
Japan Prime Minister Abe Meets T20 Delegation
Japan Prime Minister Abe Shinzo met with T20 Japan Chair and ADBI Dean Naoyuki Yoshino and T20 Japan Supporting Co-Chairs Kenichiro Sasae and Hiroshi Watanabe in Tokyo on 30 May 2019 to discuss the newly issued T20 Communique. Dean Yoshino will represent the T20 during the G20 Leaders’ Summit in Osaka to spotlight the communique’s cutting-edge policy recommendations.
The Think20 (T20), the G20's research and policy advice network chaired by ADBI under Japan's G20 presidency, issued the T20 Japan Communique during the T20 Summit in Tokyo on 26-27 May 2019. The communique details innovative policy recommendations for consideration during the G20 Leaders' summit in Osaka. The aim is to equip G20 countries to seek a sustainable, inclusive, and resilient society.
This compilation of innovative education policy proposals from the Think20 (T20), the G20’s advisory network chaired by ADBI under Japan’s G20 presidency, details how G20 countries can better equip people for the digitally driven job market and improve income equality, living standards, and sustainable economic growth.
See detailed session, speaker, scheduling and venue information for the T20 Summit 2019 at Toranomon Hills in Tokyo on 26-27 May 2019.
Experts from the G20 advisory network will detail policy recommendations for G20 Leaders ahead of their summit in Osaka.
ADBI experts introduced policy proposals for realizing a sustainable, inclusive, and resilient society being developed for G20 Leaders by Think20 (T20) Japan Task Forces during the Global Solutions Summit in Berlin, Germany on 18-19 March 2019. The proposals address goals including enabling small business growth via fintech, mitigating the economic impact of aging populations, and financing quality infrastructure projects that bring positive development to neighboring communities. ADBI’s summit representation was led by Dean Naoyuki Yoshino, the Chair of T20 Japan 2019.
Global policy experts from the Think20 are addressing new shifts in the world economy heading into Japan’s inaugural hosting of the G20 in 2019. Work to develop policy recommendations for G20 Leaders to tackle growing uncertainty and sustainability challenges and opportunities began at the T20 Japan Inception Conference in Tokyo on 4-5 December 2018 (See photos). Keynote speakers included Asian Development Bank President Takehiko Nakao and Columbia University Professor Jeffrey Sachs. T20 Japan 2019 is chaired by ADBI Dean Naoyuki Yoshino and supported by 10 sectoral task forces.
Task Forces 2019
- 2030 Agenda for Sustainable Development
- International Financial Architecture for Stability and Development/Crypto-assets and Fintech
- Climate Change and Environment
- Economic Effects of Infrastructure Investment and its Financing
- Cooperation with Africa
- Social Cohesion, Global Governance and the Future of Politics
- The Future of Work and Education for the Digital Age
- Trade, Investment and Globalization
- SME Policy faced with Development of Financial Technology
- Aging Population and its Economic Impact + Immigration
- T20 Summit 2019
26-27 May 2019 – Toranomon Hills, Tokyo
- Inception Conference
4-5 December 2018 – Tokyo
- ADB-ADBI Conference on Demographic Changes, Productivity, and the Role of Technology
13-14 June 2019 in Tokyo
hosted by ADB and ADBI
- 7th OECD-AMRO-ADB-ADBI-ERIA Asian Regional Roundtable on Macroeconomic and Structural Policies
18-19 June 2019 in Jakarta
hosted by OECD, AMRO, ADB, ADBI and ERIA
- T20 Japan Think Tanks Boost the Impact of the G20
- T20 Japan policy innovations detail keys to digital disruption-ready labor and education
- T20 Japan tackles the G20’s demographic dividend reversal
- T20 Japan ignites a G20 quality infrastructure boom
- T20 delivers recommendations to Prime Minister Abe, informs G20 Summit
- G20 Japan 2019
- Asian Development Bank Institute (ADBI)
- Japan Institute of International Affairs (JIIA)
- Institute for International Monetary Affairs (IIMA)
- African Development Bank (AfDB)
- Institute for Global Environmental Strategies (IGES)
- Japan International Cooperation Agency, Research Institute (JICA)
- Korea Development Institute (KDI)
- Mitsubishi Research Institute (MRI)
- Research Institute of Economy, Trade and Industry(RIETI)
- About T20 Japan 2019
- T20 on Confronting Pressing Global Challenges within the G20
- T20 on Mitigating Emerging Risks to G20 Countries
- T20 on Achieving the Sustainable Development Goals
- T20 on Ensuring Financial Stability and Development
- T20 on Climate Change and Environment
- T20 on Optimizing Infrastructure Development
- T20 on Enhancing Cooperation with Africa
- T20 on the Future of Work and Education for the Digital Age
- T20 on Improving Trade and Investment Conditions
- T20 on Aging Population and its Economic Impact + Immigration
- T20 Japan Chair Engages German Chancellor Angela Merkel on Carbon Tax Adoption
- Top Level Views from the T20 Japan Inception Conference
Since the adoption of the Sustainable Development Goals (SDGs) in 2015, the Group of Twenty (G20) have sought effective means of implementing the SDGs using various frameworks and fora such as the G20 Action Plan on the 2030 Agenda for Sustainable Development, and the G20 Development Working Group (DWG).
Task Force 2 (TF2) aims to promote an international financial architecture for stability and development, with a focus on Crypto-assets and Fintech.
The international community adopted the Paris Agreement and the 2030 Agenda for the SDGs in 2015. Today, the priority is how to implement these commitments.
Infrastructure is crucially important to foster countries’ economic development and prosperity. Investments in infrastructure contributes to higher productivity and growth, facilitates trade and connectivity, and promotes economic inclusion.
African countries still face various development challenges such as fiscal and debt management, agricultural development, and the problem of food security, as well as the need to strengthen the competitiveness of industries.
Task Force 6 deals with the unprecedented crisis in multilateralism at the global level, disruption of social cohesion at the domestic level, how nations could address these issues, and what the future of politics should look like.
Several major technological transformations (e.g., artificial intelligence or AI, fintech, the Internet of Things, Industry 4.0) are putting the global economy on a new track.
The world trading system is facing various challenges such as rising protectionism, unequal opportunities to engage in global value chains, and legal systems that are ill-equipped for digital trade and international trade in services.
Small and medium-sized enterprises (SMEs) account for more than half of formal employment globally and are crucial for stimulating improvements in productivity.
The rising trend of aging societies, a result of decreased fertility rates and longer life expectancies, signals drastic changes in the world’s demographic structure, as Asia clearly demonstrates.