The world stands at a critical juncture where global challenges are intensifying across economic, social, political, cultural, and ecological dimensions. In the face of these mounting issues, the Global Development Initiative (GDI), proposed by Chinese President Xi Jinping in September 2021 at the United Nations General Assembly, emerges as a timely and essential framework for fostering sustainable growth and addressing the pressing deficits hindering global progress.
President Xi’s call for the GDI has garnered worldwide attention and a warm response, particularly from developing economies eager for inclusive and coordinated development. In June 2022, he hosted a high-level dialogue on global development in Beijing, emphasizing joint efforts to create a new development paradigm that benefits all and promotes balance, inclusiveness, and common prosperity.
One of the core reasons the GDI is vital today lies in the four significant deficits identified by President Xi: the deficits of peace, development, governance, and trust. Initially outlined during the Belt and Road Forum for International Cooperation in May 2017, these deficits have since deepened, with the development deficit becoming increasingly urgent across both developed and underdeveloped economies.
The momentum of global development is waning. The previous waves of scientific and technological revolutions that once propelled economies forward have lost their momentum, leaving a void in the driving force needed for sustained growth. Following the Great Recession in 2008, global economic growth, especially in developed countries, has slowed or stagnated, leading to insufficient expansion and exacerbating development challenges.
In June 2024, the World Bank released its latest Global Economic Prospects report, highlighting that despite some improvement in near-term prospects, the global outlook remains subdued compared to historical standards. The report predicts that in 2024-2025, growth is set to underperform its 2010s average in nearly 60 percent of countries and economies, accounting for over 80 percent of the global population.
These sobering projections underscore the urgent need for initiatives like the GDI. By fostering international cooperation and focusing on shared growth, the GDI aims to reinvigorate global development momentum, address the pressing deficits, and pave the way for a more balanced and prosperous world. Embracing this initiative is crucial for overcoming current challenges and steering the global community towards a future of shared success and stability.
Reference(s):
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