Among the international alliances that were entrusted with the decisive mission of shaping and ensuring sustainable global economic dynamics, the G-20 group particularly stands out. This group unites the leading countries of the world: the largest developed countries of the G-7, as well as large emerging countries that form BRICS+.

During the period between the end of October and middle of November 2024, two global summits were held: BRICS+ and G-20. Their content was supposed to be aimed at developing the basic foundations of the new world (economic) order. In reality, both summits remained practically invisible, since they failed to develop the most relevant solutions. The extremely low effectiveness of these summits against the background of the undeniable impact of the American elections on global processes confirms the high probability that a significant part of world and regional unions and alliances will soon cease to exist altogether. At the same time, contradictions and confrontations among others (if there are any "survivors") will only intensify. This, in the end, will also lead to their peripheralization.

In this context, the economic weakening of the G-7, accompanied by significant (and growing) contradictions between the US and the EU, is of increasing concern. Since this transatlantic union is de facto the cementing foundation of a democratic alliance, any misunderstandings between the US and the EU can create risks at the global level.

Whilst another alliance, i.e. BRICS+, is currently economically strengthening, its members do not have significant common economic interests: their economic models differ, trade and investment between most of BRICS+ countries, except China, remain insignificant. Therefore, they will not be able to form stable political and economic requirements in terms of the new economic order. To date, the BRICS+ bloc clearly signals not for what it stands and advocates, but rather against what it struggles, i.e. namely against the continued dominance of the West.

In the conditions of the dominance of centrifugal forces, the non-effectiveness of the G-20 summit was clearly established. Instead of a decisive document aimed at accelerating growth and development, the adopted declaration turned out to be excessively general, which rather testified to the lost opportunities of the representative assembly.

Perhaps the biggest disappointment is related to the inability of the G20 to develop a coherent position on russian aggression against Ukraine. At a time when world politics is waiting for changes in the White House, the G-20 in its final declaration limited itself to general calls for peace. This only confirmed that the viability of Ukraine largely depends on the ability of the United States to genuinely defend democratic values.

Full text in Ukrainian https://razumkov.org.ua/images/2024/12/devalv.pdf