Through its leadership of the G20, the Kingdom continues to provide effective and sustainable economic, social, health and environmental policies to address global challenges and threats facing the world, in light of Corona which goes viral all around the world and acts as one of the largest existing economic threats, at all levels, which has transformed a myriad of countries and global cities into quarantine areas.
Therefore, the Kingdom's call for holding a virtual summit of the G20 has come to discuss ways to unify efforts to counter the spread of Corona, out of its awareness of the need for all countries to cooperate and join efforts to adequately address this new threat, and gather the appropriate facts to conduct a comprehensive assessment of the expected risks, and the appropriate means to address this pandemic, which terrified the inhabitants of the earth.
In its call for an extraordinary virtual summit meeting next week, the Kingdom affirmed that this global crisis, and its humanitarian, economic and social implications, requires a global response.
In addition, the G20, as a pioneering economic forum for the major economic systems in the world, will work with international organizations in every way necessary to mitigate the effects of this epidemic, and G20 leaders will work to develop agreed policies to mitigate its effects on peoples and the global economy, and to promote the principles of economic growth and development.
Corona virus hit the global economy, caused all financial markets to fall, disrupted global supply chains, and raised expectations for a global recession.
Economists at the United Nations estimate that the virus will cost the global economy at least a trillion dollars this year, and the International Monetary Fund has already announced its expectations for global growth to fall below the 2.9% recorded last year.
Calling for this summit embodies the Kingdom's keenness for coordinated action by policymakers around the globe to contain the spread of the disease, and to reduce the economic repercussions of the virus by urging governments and global central banks to continue to increase their spending to reduce the impact of the virus, and provide financial incentives to support companies and contain economic damage caused by the epidemic, as well as preventing long-term damage to the economy, facilitating financial conditions and ensuring credit flow to the global economy.