The United Nations raises the issue of reforming the Security Council and the Bretton Woods System.

UN Secretary-General Antonio Guterres said that both the Security Council and the Bretton Woods system of monetary relations represented power-based relationships since 1945 and have become outdated.

United Nations Secretary-General Antonio Guterres speaks at the G7 Summit in Japan. (Source: United Nations)

On May 21, United Nations Secretary-General Antonio Guterres said it was time to reform both the United Nations Security Council and the Bretton Woods monetary relations system to suit "the realities of today 's world ."

Speaking to reporters in Hiroshima (Japan), where the Group of Seven (G7) and G7 Plus Summits were taking place, Secretary-General Guterres stated that both institutions have represented power-based relationships since 1945 and need to be upgraded.

“The global financial architecture is outdated, dysfunctional and unfair. In the face of economic shocks caused by the COVID-19 pandemic and the Russia-Ukraine conflict , it has failed to fulfill its basic function as a global safety net,” he stressed.

The leader of the world's largest multilateral organization shared the feeling at the Hiroshima meetings that there was a growing sense among developing countries that efforts to reform outdated institutions were not strong enough.

Japan, the host of this year's G7 and expanded G7 summits, has invited many leaders of leading emerging economies such as Indian Prime Minister Narendra Modi, Brazilian President Luiz Inacio Lula da Silva and Indonesian President Joko Widodo to attend the event.

According to the International Monetary Fund (IMF) forecast in its World Economic Outlook report, published last January, the Indian economy will achieve growth of over 6% this year and next year.

China and India will account for about 50% of world economic growth in 2023.

Meanwhile, the economic power of the wealthy G7 has shrunk over the past 30 years, forecast to account for 29.9% of global gross domestic product (GDP) in 2023 compared to 50.7% of world GDP in 1980./.

Phuong Ho (Vietnam News Agency/Vietnam+)

Source: https://baodaknong.vn/lien-hop-quoc-neu-van-de-cai-cach-hdba-va-he-thong-bretton-woods-149314.html