The G20 has made steady progress on business goals since 2011, according to the latest G20 Business Scorecard, published by the International Chamber of Commerce (ICC). The third installment of the annual scorecard reveals a year-on-year improvement in score since ICC”s monitoring began, while still noting that progress remains poor in several crucial areas, including energy and the environment.
“The G20 continues to make progress on a robust agenda to accelerate economic growth and job creation,” said ICC Chairman Terry McGraw, chairman of McGraw Hill Financial [now S&P Global] and also chairman of USCIB. “The business community is committed to working together with policy makers on issues of critical importance such as trade and investment that can produce job growth and long-term prosperity.”
Among the positive outcomes that led to this year’s higher score was the G20 support for the historic World Trade Organization Agreement on Trade Facilitation and the extension of the G20 standstill on protectionist measures until the end of 2016. The improvement in score also reflected G20 efforts to increase access to finance for small and medium businesses and the recognition of business as a key partner in the fight against corruption.
But the positive overall trend also masked deficiencies in individual categories. Among the lows was the failure to recognize the importance of information and communication technologies (ICTs), no movement on carbon pricing and a lack of discussions on a high-standard multilateral framework for international investment.
The scorecard – which rates the overall responses by G20 nations to key business goals during the 2013 Russian presidency – measures progress on business priorities on a scale of: “inadequate,” “poor,” “fair” or “good.” The scorecard looks at the G20”s collective response to business goals only and does not rate individual countries or the G20”s entire agenda. Four areas are assessed: Trade and Investment; Financing for Growth and Development; Energy and Environment; and Anti-Corruption.
A fifth chapter, Job Creation and Human Capital, was prepared in partnership with the International Organization of Employers (IOE) and the Business and Industry Advisory Committee to the OECD (BIAC). This chapter examines the steps taken by the G20 to address global unemployment but does not rate its progress at this stage.
Read more on the ICC website.
Staff contacts: Rob Mulligan