Driven by production patterns and consumption needs across the industrialized world, pressures are growing on the resources available to business – whether natural resources, human resources or other essential inputs in the business process. Going forward, limits on the supply of resources, in particular natural resources, will pose various challenges to the world economy, which will require creative and cooperative solutions.
As representatives of businesses in the world’s most advanced economies, the B7 has a vital role to play in responding to this challenge. In this regard, the B7 remains focused on the importance of resource efficiency and the circular economy in promoting the sustainability of economic operations, advocating for a cooperative and concerted effort on the part of the G7 to further initiatives in this domain.
In recent times, the growth and integration of international economies through trade has contributed to a more prosperous and growing middle class across the world, significantly improving the livelihoods of the global population and in many cases lifting vast segments out of poverty. Despite progress being made, businesses have a responsibility to use the tools at their disposal, such as trade agreements, to benefit large cities and small communities alike.
Going forward, the continual progress and growth of the global economy depends in part on its ability to meet the needs of participants and provide widespread equitable gains. For this reason, the B7 seeks to highlight the importance of inclusive growth, in an effort to promote the shared prosperity of global economic stakeholders.
Scaling-up Small Business
Across the OECD, small and medium-sized enterprises (SMEs) account for 60 – 70% of jobs and significant portions of national GDP. They are the backbone of industrialized economies and important drivers of prosperity. However, significant challenges continue to exist for entrepreneurs and small-business owners, especially with regards to growth and scaling-up.
This year, the B7 will emphasize the importance of SMEs in the global economy, with a focus on improving the potential for scaling-up activities, enabling them to further contribute to economic progress through innovation and job creation.