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