Business leaders say global economy faces worst crisis in a century

  • Business leaders from the engagement group Business Twenty (B20) have called for urgent reforms to be made if the global economy is to recover from its worst crisis in a century due to the coronavirus pandemic.
  • “The global economy is in its worst state in a century,” warned Yousef Al-Benyan, chairman of the B20. 
  • B20 proposed 25 recommendations for the G-20 group that fall into three key areas, including empowering people, safeguarding the planet and shaping new frontiers.
  • Visit Business Insider’s homepage for more stories.

Top business leaders around the world say the global economy is experiencing its worst crisis in one hundred years and have called for urgent reforms to be implemented in the G-20 summit hosted by Saudi Arabia in November.

The Business Twenty (B20), an engagement group of high-level CEOs worldwide seeking to represent the business community, put forward 25 policy recommendations on Monday for the meeting of the Group of 20 richest nations next month. These suggested reforms would help put the economy on a strong road to recovery once the pandemic comes to an end, the group said.

Yousef Al-Benyan, chairman of the B20 warned that “the global economy is in its worst state in a century,” adding that “the challenging opportunity is to build back better, with real urgency required from policymakers and business leaders.”

Al-Benyan said, “As the economic recovery evolves over the next couple of years, downside risks remain elevated,” including trade tensions, policy uncertainty, geopolitical strains and building financial vulnerabilities, as countries try to overcome the impact of the coronavirus pandemic.

Coronavirus has already claimed over a million lives around the world and has brought the global economy to its knees. In its most recent report, the Organization for Economic Cooperation and Development(OECD) warned global growth would drop by 4.5% this

Business leaders call for urgent reforms as global economy faces its ‘worst state in a century’

  • On Monday, business leaders under the Business Twenty group made 22 policy recommendations for the G-20 group.
  • Each recommendation fell into three key areas: empowering people, safeguarding the planet and shaping new frontiers.



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Top business leaders say the global economy is facing its worst crisis in a hundred years, and “downside risks remain elevated” unless urgent reforms are enacted during the G-20 summit hosted by Saudi Arabia in November.

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“The global economy is in its worst state in a century,” warned Yousef Al-Benyan, chairman of Business Twenty (B20), a group made up of high-level CEOs from around the world. “The challenging opportunity is to build back better, with real urgency required from policymakers and business leaders,” he added.

Business Twenty is an engagement group that seeks to represent the voice of the global business community across all member states and economic sectors in the Group of 20.

The group is urging G-20 leaders to undertake “bold and broad based” policy action to put the post-pandemic economic recovery on a stronger, more stable growth path. It said trade tensions, policy uncertainty, geopolitical strains and building financial vulnerabilities were key risks to the outlook, as societies and economies navigate the crippling impact of the coronavirus.

“As the economic recovery evolves over the next couple of years, downside risks remain elevated,” Al-Benyan said, raising concern about low productivity growth and rising inequalities. 

“Business has its share of responsibilities to honor and a substantial role to play in building back an economy that is socially inclusive and environmentally sustainable,” he added.

Saudi Arabia will be the first country in the Middle East and North Africa region to host a G-20 summit. The event brings together the leaders of the largest economies of the world to address financial