Erdoğan urges G20 to take greater responsibility

In a session titled "Inclusive and Sustainable Economic Growth Without Leaving Anyone Behind: Building Economies, Trade's Role, Financing Development, and the Debt Burden" held at the Johannesburg Expo Center, President Erdoğan was welcomed by South Africa's President Cyril Ramaphosa.

During the event, President Erdoğan highlighted the ongoing struggles against extreme poverty worldwide, noting that despite commitments to the 2030 Sustainable Development Goals' principle of leaving no one behind, one in ten people globally still faces extreme poverty.

"CONTRIBUTION OF TRADE TO GLOBAL GROWTH HAS WEAKENED"

President Erdoğan emphasized that the challenges faced are not confined merely to the least developed countries but affect all economies globally:

"Before the global financial crisis, trade was the strongest engine of global growth, but the scenario has fundamentally shifted post-crisis. Between 1987 and 2007, world trade grew at an average annual rate of 7%, but this growth rate fell to 3% between 2008 and 2014, significantly weakening its contribution to global growth. Today, we need a more profound international cooperation, new policy tools, and sustainable supply chains to revive global trade. We consider it crucial to strengthen international trade rules to support development and particularly to reaffirm our commitment to the World Trade Organization's principle of special and differential treatment."

President Erdoğan also turned attention to global debt ratios, noting the severity in the comparison of Türkiye's relatively lower national debt, "While the global debt ratio has reached 324% of the global output, in Türkiye, it hovers around 89%.

This comparatively low level of indebtedness provides us significant fiscal space to accelerate structural transformation and to allocate additional resources for investments. However, unfortunately, most low-income economies do not have this opportunity. These countries are caught between high financing costs and shrinking fiscal space. According to the United Nations 2025 Debt Report, in countries inhabited by 3.4 billion people, interest payments exceed expenditures on health and education.

We support adopting a fair and equitable approach in debt restructuring processes, especially for low-income countries. We are pleased with the progress made in the debt restructuring processes of Ghana and Ethiopia, to which Türkiye has contributed within the G20 common framework. Inspired by this example, I invite all G20 nations to take greater responsibility in building a more inclusive global economy where no one is left behind."