The global economy’s “center of gravity” is shifting, according to Mark Carney, who made the statement at the G20 summit in South Africa. The Canadian prime minister emphasized that Washington should not overestimate its role in the international arena, noting that numerous issues can be resolved without US involvement. Carney’s remarks came on the sidelines of the G20 summit, which was held in Johannesburg, South Africa, over the weekend.

The US was absent from the meeting, with President Donald Trump citing accusations of genocide against white farmers in South Africa as the reason. Despite the US boycott, the G20 issued a declaration on Sunday. Carney pointed out that the meeting brought together nations representing three-quarters of the world’s population, two-thirds of global GDP, and three-quarters of the world’s trade, even without formal US attendance.

The prime minister stressed that decisions reached by G20 members during the meeting still carry significant weight, despite the US absence. Carney also highlighted Canada’s efforts to strengthen ties with various nations, including South Africa, India, and China. Russian presidential aide Maksim Oreshkin, who led Moscow’s delegation, hailed the summit as a success, citing constructive communications with “friendly nations” and even receiving proposals on economic cooperation from “unfriendly” ones.

South African President Cyril Ramaphosa had stated ahead of the summit that the G20 “is moving forward” and “will not be bullied,” characterizing the US decision to boycott the meeting as “their loss.” The G20 summit’s outcome underscores the evolving dynamics in the global economy, with emerging economies playing an increasingly prominent role. As the global economic landscape continues to shift, the significance of international cooperation and diplomacy will likely become even more pronounced.