An influential group of CEOs has made 25 policy recommendations to boost the global economy from its virus-weakened state
The perilous state of the global economy – the “worst state in a century” - needs urgent reform according to an influential group of business leaders.
Business Twenty (B20) is made up of high-level CEOs from all over the world and is today (Oct. 5) calling on the G-20 leaders to take some important decisions when they meet at their November summit in Saudi Arabia.
While immediate concerns for most people focus on boosting the economy post-pandemic, there are growing calls for longer-term reforms to be made.
Writing for CNBC.com, B20 chairman Yousef Al-Benyan says that with urgent action from policymakers and business leaders there is a real opportunity to build back better.
But he says that this will require bold decisions to tackle some of the risks that include trade tensions, financial vulnerabilities, inequalities, and sluggish growth for productivity. He warns of elevated downside risks.
Empowerment, environment, innovation
The B20 group’s recommendations fall into three core categories.
Empowering people includes tackling specific challenges for women and young people and create workforces that can withstand tech, economic, and health risks.
It wants to see fair and open trading with a multilateral trading system “anchored in the WTO.”
The environment is another core focus, with G-20 leaders urged to commit to carbon neutrality preferably by 2050 with policies brought forward to achieve that goal.
Thirdly, shaping new frontiers should include enhanced digital infrastructure, 5G, and the Internet of Things.
Fintech and technologies that can reduce corruption and fraud risks should also be part of the plan. The B20 and UN Development recently made a joint statement urging G-20 leaders to develop and implement anti-corruption strategies.
Joint Statement | #B20SaudiArabia and @UNDP urge the @g20org to promote transparency; develop & implement anti-corruption strategies; and leverage information & communication technologies to reduce corruption in the wake of #COVID19. https://t.co/FSVsO3lD7U pic.twitter.com/PVce5BYwz5
— B20 (@b20) September 30, 2020
The B20 group’s full plan will be presented to the G-20 summit later this month.
