G-20 nations spends $11 trillion to support post-Covid economic recovery

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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.

G-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 and more sustainably from this pandemic, with greater social and economic inclusion,” said Saudi Arabia’s Finance Minister Mohammed al-Jadaan, who is playing a key role in shaping the agenda for the summit on Nov. 21-22.

“Through a united global response, the G20 is determined to continue tackling the major challenges of our time and work towards finding solutions,” he added.

Collectively, G-20 (Group of 20) members represent around 80% of the world’s economic output, two thirds of the global population and three quarters of international trade. The group includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
Saudi Arabia’s presidency shaped by outbreak

Saudi Arabia’s G-20 presidency has been dominated by the need to address the deep wounds created by the coronavirus. Just days after the first finance ministers and central bank governors meeting held in Riyadh in February, markets and the global economy began to plunge dramatically as countries imposed strict lockdowns through March and April to curb the spread of the virus.

While aggressive stimulus and monetary policy countermeasures have supported a tepid resumption of growth and stability within the financial system in the second half of the year, the long-term impact of the Covid-19 shock is still materializing. The United States and Europe are confronting renewed spikes in infections and climbing death tolls. New and prolonged lockdowns to protect lives and livelihoods will also delay the recovery trajectory.

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