- 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.
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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