S. Africa G20 announces launch of “Extraordinary Committee of Independent Experts”

(MENAFN) South Africa’s G20 Presidency has launched an “Extraordinary Committee of Independent Experts” to produce the first comprehensive report on global wealth and income inequality for G20 leaders. Commissioned by President Cyril Ramaphosa and chaired by Nobel laureate economist Professor Joseph Stiglitz, the initiative aims to highlight inequality as a central concern for the world’s largest economic forum.

The move comes amid growing worries that widening disparities in wealth and income threaten economic stability, social cohesion, and political progress. “Recent analysis shows that the world’s richest 1% have increased their wealth by more than US$33.9 trillion in real terms since 2015 — enough to eliminate annual global poverty 22 times over,” said Vincent Mangwenya, Ramaphosa’s spokesperson.

Mangwenya added that the global economy faces a “perfect storm” of trade disruptions, financial instability, critical mineral shortages, sovereign debt crises, and inequitable tax systems, amplifying risks for policymakers, businesses, and consumers.

The Extraordinary Committee includes six experts from diverse regions and fields: Joseph Stiglitz (USA), Dr. Adriana E. Abdenur (Brazil), and Winnie Byanyima (Uganda), among others.

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