G-20 nations have now deployed $11 trillion to support a post-Covid economic recovery

SourceCNBC
SectorEconomy
CountrySaudi Arabia

A Saudi man adjusts his head cover ahead of a meeting of Finance ministers and central bank governors of the G20 nations in the Saudi capital Riyadh on November 18, 2020. - Saudi Arabia hosts the G20 summit Saturday in a first for an Arab nation, but the scaled-down virtual format could limit debate on a resurgent coronavirus pandemic and crippling economic crisis.FAYEZ NURELDINE/AFP via Getty ImagesG-20 nations have deployed an unprecedented $11 trillion so far to accelerate an equitable and sustainable economic recovery from the coronavirus crisis, according to a report released ahead of the G-20 leaders' summit in Saudi Arabia this week.  "G20 members adopted immediate and exceptional measures to address the pandemic's impact, including the implementation of unparalleled fiscal, monetary and financial stability actions," the release said.The total spending to date, by way of comparison, is more than twice the gross domestic product of Japan. G-20 nations also spent a combined $21 billion to enhance pandemic preparedness and response, the statement added.Saudi Arabia's summit, conducted mostly online, is focusing on restoring growth and safeguarding the global economic recovery, while addressing the protracted global health and humanitarian crisis created by the pandemic. "We have an opportunity to recover stronger...read more...