Tuesday 17 Sep 2019 | 18:43 | SYDNEY
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Global Economy

The ebbs and flows of global economic conditions, trade and capital flows, thus have substantial implications for the Australian economy, and Australia’s major regional trading partners. Understanding the broad trends, and identifying emerging challenges and opportunities within the global economy, is central to the work of the International Economy Program at the Lowy Institute.

The highly integrated nature of the modern global economy became especially evident during the 2008 global financial crisis. What began as a localised problem within the residential asset-backed securities market in the United States, eventually brought down major financial firms across the Western world, and ultimately pushed the United States and Europe into a deep and prolonged recession. Although global economic growth has recovered somewhat since 2008, it is still much lower than pre-2008 trends, and the hangover from the crisis has manifested itself in the form of high unemployment levels throughout much of the developed and developing world, as well as an increasing level of inequality both within and between countries.

Understanding the economic rise of Asia, and particularly of the growing middle class within Asia, is also crucial to the broader work of the Lowy Institute. Political economy analysis on major players in the region, chiefly China, India and Indonesia, features heavily in the work of the East Asia Program and the International Security Program.  

International economy: What's in store for 2014?

Let's start with the global economic outlook. A common view is that advanced economies are at last on the mend and will take over the running from the emerging economies, which have provided much of world growth since 2008. The US and the UK seem likely to do better this year, because both are

Australia takes the G20 chair: Now what?

The starter's gun has fired on Australia's G20 presidency. It was a low key start. The Prime Minister's media release was very brief. This is a positive. The G20 should always be business-like, with the focus on achieving substantive outcomes rather than on the event itself. Start to worry if we

Thoughts from the 'father of the G20'

Mike Callaghan is Director of the Lowy Institute's G20 Studies Centre. Former Canadian Prime Minister Paul Martin is often referred to as 'the father of the G20’. While Canada’s finance minister, he was the driving force behind the establishment of the G20 and was selected by the G7 in 1999 to

The clock is ticking on G20 preparations

In this op-ed for the Australian Financial Review, Director of the G20 Studies Centre, Mike Callaghan, discusses the essential steps the government should take in chairing the G20, including authoring a concept paper and encouraging leader engagement

Playbook for the Brisbane G20 summit

Australia will chair the G20 for 12 months from 1 December 2013. It will be the largest international economic meeting ever held in Australia. This paper outlines the strategy, priorities and steps required for the Brisbane G20 summit to be a success – it is a ‘playbook’ for

US shutdown just the latest G20 headache

Mike Callaghan is Director of the Lowy Institute's G20 Studies Centre. When G20 finance ministers meet in Washington, DC at the IMF Annual Meetings on 10-11 October, there will much  to discuss and worry about. A glance at the headlines identifies many of the issues that should be on their minds

The election's G20 factor

One of the more unanticipated explanations for the Rudd government’s delay in announcing the date of election 2013 is the need to factor in the G20 leaders’ summit on September 5-6 in St Petersburg. 

If the G20 is so great, why isn't Rudd going?

Hugh Jorgensen is a Research Associate in the Lowy Institute's G20 Studies Centre. It took me three years of work to get us into the G20. We are hosting it next year. To have this jammed up against a federal election date is a problem and if I can overcome that problem I will. — Kevin

G20 needs to ask the big questions

In an opinion piece for The Australian Financial Review, Director of the G20 Studies Centre, Mike Callaghan, writes about the current state of international financial regulation, and the contribution Australia can make in this area when it chairs the G20 in 2014

G20 on tax avoidance: Talk or action?

Mike Callaghan is Director of the Lowy Institute's G20 Studies Centre. There were reports prior to the G20 finance ministers' meeting in Moscow on 19-20 July that, while G20 gatherings do not always set the pulse racing, this gathering had a better chance than most of grabbing the attention of

G20: Rudd should go because it's important

Mike Callaghan is Director of the Lowy Institute's G20 Studies Centre. The G20 Leaders' summit in St Petersburg on 5-6 September 2013 continues to be a factor influencing the timing of the Australian federal election. But it says something about the status of the G20 when commentators argue that

G20 needs sharp focus

Mike Callaghan, Director of the G20 Studies Centre at the Lowy Institute, writes in an opinion piece in The Australian Financial Review on the challenges for Australia as it takes over as chair of the G20 in December 2013

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