Top global business leaders believe the Covid-19, or coronavirus, has caused the world economy to fall into its worst state in 100 years. In order to overcome this situation, the influential business alliance known as Business Twenty (B20 or Twenty) has recommended 25 points including urgent reform measures. Coalition leaders believe that a comprehensive reform program will help the world economy return to its former state of coronavirus.
Leaders of the B20 alliance have called for the implementation of the recommendations at the upcoming Group Twenty or G20 summit. The conference will be held on November 21 and 22 in Saudi Arabia, a member of the G20. The theme of this year's conference is 'Transition to Inclusive Growth'.
B20 or B20 is an alliance of businessmen from the member countries of the Group Twenty (G20) alliance. The G20 is an alliance of the world's top economies. The B20 emphasizes people's empowerment and protection of the world from the effects of climate change. The B20 is also known as the G20's Business Engagement Group.
Youssef Al-Benian, chairman of Business Twenty (B20 or Twenty), said the world economy was currently in its worst state in a hundred years.
Yousef al-Benian, chairman of the B20 alliance and chief executive of the Saudi Arabian Basic Industries Corporation, a state-owned company in Saudi Arabia, said it would take years to overcome the effects of the coronavirus. He emphasized the need to focus on the Coronavirus challenge, and said that it was important for policymakers and business leaders to take immediate action. He said countries were trying to deal with the effects of the coronavirus. In this case, emphasis should be given on easing trade tensions, removing policy uncertainties, resolving geopolitical tensions, overcoming financial fragility, etc.
Meanwhile, a recent report by the Organization for Economic Co-operation and Development (OECD) warned that global growth could slow to 4.5 percent this year due to the coronavirus. After World War II, the global economy has never been so bad.
The B20 leaders include Roberto Azved, former director general of the World Trade Organization (WTO), Ajay Banga, executive chairman of MasterCard, and Mark Tucker, group chairman of The Hong Kong and Shanghai Banking Corporation.
The Business Twenty Group has suggested ensuring technological development, avoiding health risks, etc., including turning the economy around. He also called for strengthening international trade and investment. For these, it is suggested to ensure the empowerment of the people, especially the women and youth community, so that the companies get the manpower required for the job.
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B20 leaders have called on G20 leaders to continue their efforts to reduce carbon pollution from now until 2050, in a bid to protect the world.
B20 leaders have called on the G20 alliance to work for the betterment of the Five G, wireless technology, artificial intelligence and artificial intelligence and the Internet. In this case, especially the corruption and fraud that is taking place using technology, they have asked to take measures to prevent.
The B20 leaders made 25-point recommendations at a recent meeting. These recommendations will be discussed at the conference on 26 and 27 October.
The G20 member states account for 80 percent of the world's gross domestic product.
The G20 alliance first officially launched in 1999. Since then, the G20 summit has been held regularly every year. In it, the leaders of all the countries of the alliance and the European Union (EU) discussed important financial and economic issues and made decisions. Based on Business Insider