This November in Johannesburg, South Africa, the G20 Summit spotlighted a world in transition. With the United States absent for the first time in years, the Global South seized a chance to reshape economic rules as long-held assumptions come under pressure.
Decline of Traditional Mobility
For decades, growth models hinged on the free movement of capital, technology and labor. From the 1990s until recent years, this openness fueled convergence across economies. But today, key Western powers have signaled a slowdown or reversal, leaving economists racing to develop new frameworks without historical blueprints.
Global South’s Strategic Rise
Representatives from emerging markets—from Nigeria to India, Argentina to Indonesia—united around themes of equitable partnerships and digital innovation. More than half of the world’s population lives in the Global South, yet they’ve historically accounted for a smaller share of global GDP. This year, coalition talks ranged from sustainable infrastructure financing to tech transfer agreements, aiming to forge new pathways for growth.
Rethinking Growth Paths
With the principle of free factor mobility no longer universal, a critical question emerged: can late-industrializers still follow the playbook of earlier hubs? Leaders explored diversified strategies—regional value chains, green energy hubs and digital services—to navigate new barriers in cross-border flows.
Looking Ahead
As the summit closed, attendees left with a sense that the rules of the global economy are up for renegotiation. For entrepreneurs, changemakers and digital nomads eyeing new markets, this shift signals both challenges and opportunities. In a world where mobility is no longer guaranteed, innovation and collaboration within the Global South may chart the next chapter of shared prosperity.
Reference(s):
G20 South Africa: The Global South's response to a shifting world
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