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A global group of business leaders urged government leaders of the G-20 to implement urgent reforms to revitalize the global economy from the impact of COVID-19. The Business Twenty (B20), a group of top CEOs worldwide, made the G-20 Summit statement for November 2020 in Riyadh, Saudi Arabia.
The group warned of a looming trade crisis because of the pandemic’s impact on the global economy. B20 chairman Yousef Al-Benyan said that at present, the global economy is in its worst condition in the last 100 years. Al-Benyan added the world economy is confronting its worst crisis in a century unless government leaders enacted urgent reforms when they meet in November.
Build Back Better
Al-Benyan said that business leaders and policymakers must “build back better” the global economy after the pandemic. B20 is persuading global leaders to step up and enact bold policies that will put the world economy into a more stable post-pandemic recovery.
Al-Benyan noted that trade tensions, geopolitical strains, building financial vulnerabilities, and policy uncertainty are the risks that economies and societies must face as the world steers towards recovery. He added as the world tries to recover in the upcoming years, rising inequalities and low productivity growth would be the main issues that economies must deal with.
The B20 said they would present 25 policy recommendations to the G-20 leaders in the upcoming B20 virtual summit. The summit is slated for October 26 to 27, which carries the theme, “Transforming for Inclusive Growth.” The group’s recommendations fall into three major areas: safeguarding the planet, empowering people, and shaping new frontiers.
The group said that it serves as the global business community’s voice across the G-20 member countries. They added that the policy recommendations are also in line with the UN Sustainable Development Goals.
Leaders of the G-20 countries will convene virtually on November 21 to 22 in Saudi Arabia. The global leaders will talk about the socioeconomic and financial issues that the world is facing today. The virtual summit is considered a milestone since it is the first time a nation from the Middle East will host the G-20 conference.
The pace of the global economy’s recovery will depend on policies crafted by policymakers, business leaders, and government leaders from developed countries. The result of the G-20 summit could expedite the world’s economic recovery. People from all over the world set their eyes on the outcome of the G-20 meeting.