World Economy: G20 Nations Pledge $5tn To Defend Economy Against COVID-19
G20 nations pledged to fight together against the pandemic coronavirus and bring back the global economy to its best form. A video conferencing held that was chaired by Saudi Arabia’s King Salman. All the Prime ministers and presidents of all G20 countries joined in the conference. They decided to inject $5 trillion into the global economy.
This is to counter the impact made by the coronavirus. Although, the G20 was already criticized for latency to address the Covid-19 problem. Besides, more than 21,000 people are dead and over 3 billion people are in lockdown. most of them have no businesses and money.
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More Details On The G20 Conference And The Decision
All leaders stated a joint statement that they are going to present a united front against this threat. The $5 trillion targeted economic and social measures along with all financial impacts of the crisis. G20 countries also pledged to help poorer countries. Moreover, an International Monetary fund body arrangement on the way.
This decision is to deploy a financial package to help developing countries. King Salman said that it is their responsibility to help the countries. G20 nations help can improve the infrastructure of the poor nations. After all, it will make it easy for them to overcome the impact of the pandemic.
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G20 includes the world’s 20 most industrialized nations. If they come together, they can make a big difference in the global economy for sure. Beyond everything, they can defend their virus-wracked economies. Moreover, the whole decision will give a new life to many countries to start again where they stopped.
The financial crisis happened in 2008. It was the lack of immediate action that made the situation worse. Although, the king didn’t specify the countries selected for the relief package.
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