The recovery of the global economy, on the agenda of the G20 Summit

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Posted by: Mazur Rodica

News / International

22 Nov. 2020 / 12:00

The recovery of the global economy, on the agenda of the G20 Summit

The recovery of the global economy, on the agenda of the priorities of the most developed states in the world. Ahead of the G20 Summit, the leaders of the world's largest economies decided to allocate an unprecedented $11 trillion to alleviate the economic crisis caused by the Coronavirus pandemic. Meanwhile, the United States is fast approaching the dizzying threshold of 200,000 new SARS COV-2 infections daily. On the other hand, the number of Coronavirus cases in Eastern Europe exceeded five million on Saturday, while Governments across Europe are taking steps to try to limit the growing cases, Moldova 1 reports.

Leaders of the world's 20 largest economies will pledge to pay for a fair distribution of COVID-19 vaccines, drugs and tests around the world so that poorer countries do not suffer but reduce their debt levels, reads a G20 communiqué.

"A global challenge such as a pandemic can only be overcome with global effort. The G20 has a special responsibility in this regard. The goal is to distribute two billion doses of vaccine by the end of 2021. Nearly five billion dollars have already been raised for this initiative. Germany is contributing more than half a billion euros," said German Chancellor Angela Merkel.

At the same time, world leaders said the global economy was beginning to recover, but the recovery remained "uneven, extremely uncertain and risky."

"Substantial financial gaps have yet to be addressed and will require innovative financial instruments, pathways and active private sector involvement," said Italian Prime Minister Giuseppe Conte.

"In 2008, we responded to the economic and financial crisis. Today, we must respond to a health crisis that threatens, above all, the lives of millions of people," said French President Emmanuel Macron.

Overseas, the United States reported more than 195,500 new positive tests, the third day in a row with record numbers. The situation is all the more alarming as the Americans have already set off for the usual Thanksgiving family reunions.

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