G-20 nations have now deployed $11 trillion to support a post-Covid economic recovery. “G20 members adopted immediate and exceptional measures to address the pandemic’s impact, including the implementation of unparalleled fiscal, monetary and financial stability actions,” the release said.
The total spending to date, by way of comparison, is more than twice the gross domestic product of Japan. G-20 nations also spent a combined $21 billion to enhance pandemic preparedness and response, the statement added.
Saudi Arabia’s summit, conducted mostly online, is focusing on restoring growth and safeguarding the global economic recovery, while addressing the protracted global health and humanitarian crisis created by the pandemic.
“We have an opportunity to recover stronger and more sustainably from this pandemic, with greater social and economic inclusion,” said Saudi Arabia’s Finance Minister Mohammed al-Jadaan, who is playing a key role in shaping the agenda for the summit on Nov. 21-22.
“Through a united global response, the G20 is determined to continue tackling the major challenges of our time and work towards finding solutions,” he added.
Collectively, G-20 (Group of 20) members represent around 80% of the world’s economic output, two thirds of the global population and three quarters of international trade. The group includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.