The recent G20 summit in Argentina took place in the midst of a number of unprecedented global events. The summit was held while Britain and the European Union were trying to finalize the terms under which the British would leave the EU. At the same time the United States and China are on the verge of a trade war that will have damaging consequences in terms of sanctions and taxes for both countries.

Meanwhile, the latest OPEC price adjustment for oil was led by Saudi Arabia in an attempt to provide a catalyst for economic growth around the world and to avoid the dangerous threat of inflation. In playing this role, the Kingdom underlined its position as the “axis of stability” in the global oil market.

The summit also came at a time of challenges facing the major economic blocs, such as the European Union, NAFTA and ASEAN due to the negative impact of the protectionist policies of some major countries. There is also growing talk of a global economic crisis that will have devastating effects worldwide.

Today, the Russian ruble and the Chinese yuan have joined the euro, pound, Swiss franc and Japanese yen in challenging the US dollar’s share of the international trade market, a matter that is a cause of concern to American economists.

Worldwide there are many pressing economic issues. Europe, for example, strongly supports investment in Africa so that positive economic growth in the continent will reduce the flow of illegal immigration to Europe and thus eliminate the economic, political and social challenges that come with it. This is also a matter of interest to both China and South Africa which both have major economic investments in the African continent.

Brazil, on the other hand, is trying to convince the superpowers that investing in Latin America will limit the unrest that is causing illegal immigration to North America and all the problems that come with it. India is promoting the importance and necessity of paying attention to Southeast Asia, because it is a promising region for investment.

Meanwhile, Russia is trying to convince the world that it is a model of stability and a source of natural resources and that it is capable of playing a major role in the global economy.

All of these different objectives naturally lead to a conflict of interests, and it was in this atmosphere that the dialogues of the summit took place. The global economy is greatly affected by psychological factors and the peaceful and consultative way in which the leaders of the G20 nations met in Argentina was undoubtedly a great achievement that will have a positive economic impact on all the countries of the world.