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In a joint statement after the first ever virtual leadership summit chaired by Saudi Arabia, G20 members said that their goal is to restore global economic growth, maintain market stability and increase sustainability.
On Thursday, the leaders of the G20 countries pledged to invest more than $ 5 trillion in the global economy, as well as use all possible policy tools in order to minimize the social and economic damage caused by the coronavirus.
This organized joint action by the G20 is likely to restore the global economy, as the statement on their cooperation named 3 global areas namely: economy, health, and trade.
The United Nations put forward a request to the G20 countries to do more actions such as suspending tariffs and other trade sanctions.
As a result, US President Donald Trump spoke about stopping illegal immigration and strengthening borders, as well as announced a $ 2 trillion fiscal stimulus to help the economy. India followed, announcing as well an economic package of £ 1.7 trillion, to help vulnerable segments of the society overcome the financial consequences of the pandemic.
Meanwhile, US Secretary of State Mike Pompeo insisted on calling the epidemic "Wuhan virus," saying that China has a special responsibility to address the consequences of the disease, as it started in the country. Other G-7 members rejected the proposal, calling it unnecessarily provocative.
The current G20 chairman, King Salman of Saudi Arabia, said that he called for a "virtual summit" to work on a "global response" to the coronavirus pandemic. There, G-20 members stated that they are ready to strengthen global financial security networks, and revealed that they have already asked their Finance Ministers and Central Bank governors to develop an action plan that will continuously cooperate with international organizations and promptly provide international financial assistance. The G20 countries also asked the World Health Organization to cooperate and hold a joint meeting with Finance Ministers in the coming months.
However, the world economy is still in decline. In America alone, more than 3 million people have applied for unemployment benefits last week. "Most of the economy just collapsed," Ben Herzon, Executive Director of IHS Markit, said. The unemployment data is just a hint of the ongoing collapse of the economy.
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