G20 countries to hold online meeting on Covid-19
(Baonghean.vn) - According to the latest news, leaders of the Group of 20 (G20) leading developed and emerging economies will hold an emergency meeting next Thursday (March 26) to discuss solutions to prevent the Covid-19 pandemic, as well as stop the global economic recession caused by the impact of the epidemic.
Amid criticism that the G20 has been slow to respond to the complicated developments of the Covid-19 pandemic, Reuters news agency reported that G20 leaders are expected to hold a video conference on Thursday to discuss the issue.
 |
| Illustration. |
Earlier on Monday (March 23), also in a video conference, the Finance Ministers and Central Bank Governors of the G20 Group agreed to promote an action plan to deal with the outbreak of the disease, which could cause a global economic recession as the International Monetary Fund (IMF) has just warned.
The Secretariat of this year's G20 Presidency, Saudi Arabia, has also issued a statement about the upcoming meeting. Accordingly, this extraordinary summit of G20 leaders is expected to discuss many complicated issues. These include the oil price war between two members, Saudi Arabia and Russia, or the increasing tension between the US and China over the origin of the SARS-CoV-2 virus that causes the Covid-19 epidemic, which has infected nearly 380,000 people and killed nearly 17,000 people worldwide...
Recently, IMF Managing Director Kristalina Georgieva welcomed the urgent financial and monetary moves and solutions of countries to combat the impact of the Covid-19 epidemic, but at the same time said that more action will be needed, especially in the financial sector.
Given the current constraints on monetary policy, the only option to support growth is fiscal stimulus, but even this solution needs to be considered due to opposing views, commented Agathe Demarais, global forecasting director at the Economist Intelligence Unit (EIU).
Opponents argue that fiscal stimulus measures could increase the risk of a debt crisis once the Covid-19 pandemic ends. If this happens, it will negatively impact and even destroy global growth targets. This is also expected to be a key issue that G20 leaders will have to discuss, to make decisions on stimulus packages - if any - for the global economy that is on the verge of a serious recession caused by the Covid-19 pandemic./.