Fourteen years ago, the Leaders of the G20 met for the first time, facing the most severe financial crisis in our generation. We recognized, as large global economies, that collectively we carry responsibilities and that our cooperation was necessary to global economic recovery, to tackle global challenges, and lay a foundation for strong, sustainable, balanced, and inclusive growth. We designated the G20 the premier forum for global economic cooperation, and today we reaffirm our commitment to cooperate as we, once again, address serious global economic challenges.
We met in Bali on 15-16 November 2022, at a time of unparalleled multidimensional crises. We have experienced the devastation brought by the Covid-19 pandemic, and other challenges including climate change, which has caused economic downturn, increased poverty, slowed global recovery, and hindered the achievement of the Sustainable Development Goals.