Saudi Arabia Reveals Plans to Kick-Start Global Economy

  • Date: 08-Jul-2020
  • Source: Al Bawaba
  • Sector:Economy
  • Country:Saudi Arabia
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Saudi Arabia Reveals Plans to Kick-Start Global Economy

Saudi Arabia, in its capacity as president of the G20 group of nations, has unveiled a six-point business plan to jump-start the global economy out of the recession brought on by the COVID-19 pandemic.

Yousef Al-Benyan, the chairman of the B20 business group within the G20, told a webinar from Riyadh that the response to the pandemic -“” including the injection of $5 trillion into the global economy “” had been "reassuring.“

But he warned that the leading economies of the world had to continue to work together to mitigate the effects of global lockdowns and to address the possibility of a "second wave“ of the disease.

"Cooperation and collaboration between governments, global governance institutions and businesses is vital for an effective and timely resolution of this multi-dimensional contagion transcending borders,“ Al-Benyan said.

"The B20 is strongly of the view there is no alternative to global cooperation, collaboration and consensus to tide over a multi-dimensional and systemic crisis,“ he added.

The six-point plan, contained in a special report to the G20 leadership with input from 750 global business leaders, sets out a series of policy recommendations to counter the effects of the disease which threaten to spark the deepest economic recession in nearly a century.

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