This is why international cooperation is essential, and organizations like the G7/8, G20, OECD, OPEC, and global lending institutions play a critical role.
The G7 played a key role in coordinating the global response to the 2008 financial crisis.
During the COVID-19 pandemic, the G20 coordinated efforts to support global vaccine distribution.
It's a common misconception that the G20 includes all countries. In reality, it represents about 85% of global GDP, leaving many nations without a voice.
Organisation for Economic Co-operation and Development (OECD)
The Organisation for Economic Co-operation and Development (OECD) is a group of 38 countries committed to promoting economic growth, trade, and sustainable development.
OECD member states are either HICs or selected upper MICs.
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