Ballim: We may be on the cusp of a new global order

The Group of 20 Finance Minister and Central Bankers meeting in Cape Town, South Africa gathered some of the world's top economic minds, including Goolam Ballim, Chief Economist of Standard Bank. The meeting marked an important moment in global affairs, with discussions centered around the evolving dynamics of geopolitics and trade in a world where the United States is redefining its role. Ballim emphasized the need to establish new norms and standards, guardrails, and rules of law in the face of increasing fragmentation on the global stage. He highlighted the opportunity for non-U.S. actors to strengthen trade, people mobility, and financial flows in markets outside of the United States, as the country erects tariff walls and barriers between itself and the rest of the world. While Ballim acknowledged the U.S.'s continued importance, he suggested that nations may need to create countervailing economic narratives to buffer the impact of U.S. foreign policy on their economies. The discussion at the B20 launch also focused on the importance of maintaining a rules-based system to ensure stability and growth in a rapidly changing global landscape. Ballim stressed that strong institutional forces and a robust rule of law are crucial for attracting capital, fostering GDP growth, and reducing volatility. He echoed sentiments shared by other experts at the meeting, cautioning against a lawless new world order and underscoring the need for collaboration among African nations and the global south to uphold accountability and governance standards. As the world navigates through these shifting dynamics, the potential for a new global order is looming on the horizon, with implications for the future of international relations and economic cooperation.