What can the G20 do to stabilise the world economy in times of the COVID-19 pandemic?

The far-reaching measures enacted by most countries worldwide to contain the COVID-19 pandemic have massive consequences for the economies. The situation affects almost every enterprise, regardless of whether it caters local communities or the global economy. The effects spread across countries as tightly knit global production networks are interrupted. Countries have different capacities to absorb the shock and counter it with fiscal policy. Not only the nature of a pandemic is global as it does not stop at borders; the tight integration of the world economy make the economic fall-out a global challenge to solve. The G20, as flexible forum of the world’s richest and most powerful countries, has a major role in stabilising the world economy: in coordinating fiscal and monetary responses, in helping developing country partners to manage the crisis, and in giving guidance and vision in these challenging times. Can the G20 live up to this task?

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Keynote

Keynote

Panel Discussion

Vision Statement

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Vision Statement

Freedom to Create the Economy We Need

Speakers

Keynotes by

Peter Altmaier

German Minister for Economic Affairs and Energy

What can the G20 do to foster international economic cooperation to overcome the COVID-19 crisis and to restore economic growth?

Paolo Magri

ISPI, Italy

 

Panel with

Irene Natividad

Global Summit of Women

Jean Pisani-Ferry

European University Institute

Paola Subacchi

Queen Mary University of London

David Sloan Wilson
Binghamton University, USA

Moderator: Sabine Christiansen

Journalist & Media Entrepreneur

Vision Statements

Sean Cleary

Future World Foundation & Global Solutions Initiative Special Advisor

Henrietta Moore

University College London

Voices of the 2020 Young Global Changers

Ninety young people from around the world were selected to participate in the 2020 Global Solutions Summit as Young Global Changers. These young changemakers from academica, business and civil society contribute and debate in their various working groups on the Summit topics. Watch the video with statements and questions by the YGC Working Group on Policy Responses to COVID-19!

The Young Global Changers regularly contribute to the Young Global Changers blog. Browse through the YGC blog and read more articles on health and related topics, written by the Young Global Changers’ community.

Policy Recommendations, Policy Briefs and Articles

Policy Briefs on COVID-19

Policy Briefs contain recommendations and visions and cover policy ares that are of interest to G20 policymakers. The majority of the Policy Briefs has been developed by a corresponding T20 Task Force.

Fundamental Lessons from the COVID-19 Pandemic

By Dennis J. Snower (Global Solutions Initiative)

Will COVID-19 Remake the World?

By Dani Rodrik (Harvard University – Kennedy School of Government)

Supply and Demand Shocks in the COVID-19 Pandemic: An Industry and Occupation Perspective

By Anton Pichler, François Lafond, J. Doyne Farmer, R. Maria del Rio-Chanona, Penny Mealy (University of Oxford – Institute for New Economic Thinking)

Geopolitical symptoms of COVID-19: Narrative battles within the Eastern Partnership

By Mihai-Razvan Corman (Bertelsmann Stiftung) and Eliana Coraci (Bertelsmann Stiftung)

The COVID-19 Pandemic: Government vs. Community Action Across the United States

By Adam Brzezinski, Guido Deiana, Valentin Kecht and David Van Dijcke (University of Oxford – The Institute for New Economic Thinking)

Infrastructure for Growth Post COVID-19

By Alberto Belladonna (ISPI) and Alessandro Gili (ISPI)

The fiscal response to the economic fallout from the coronavirus

By Julia Anderson, Enrico Bergamini, Sybrand Brekelmans, Aliénor Cameron, Zsolt Darvas, Marta Domínguez Jíménez (Bruegel)

A crisis in times of crisis: Combating COVID-19 under sanctions in Iran?

By Sonali Chowdhury, Anna-Katharina Jacobs & Kathrin Kamin (Kiel Institute for the World Economy) 

Mitigating the work-security trade-off while rebooting the economy

By Tito Boeri (INPS), Alessandro Caiumi (Bocconi University) & Marco Paccagnella (OECD)

It Is Time To Think Differently About Health

By Sandro Galea (School of Public Health, Boston University)

COVID-19 Calls for a Marshall Plan for Health

By Sandro Galea (School of Public Health, Boston University)

COVID-19: Lockdown exit strategies for Africa

By Stephen Karingi (United Nations Economic Commission for Africa)

COVID-19 in Africa: Protecting Lives and Economies

By Stephen Karingi (United Nations Economic Commission for Africa)

COVID-19 and Latin America

By Fernando Filgueria (Universidad de la República, Urugua)

Awakening in the post-pandemic world

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Nino Tabeshadze GIPA

For the developing countries the results and upcoming problems of Covid-19 will deteriorate economic situation. Small businesses and start-ups cannot withstand the whirlwind of upcoming changes. We see that even the countries with developed economies are struggling at the moment.
I am interested: how far can the shutdown of the country go and if the countries continue the road of isolation, what possible effects can we – ordinary citizens face?!

Caleb Annobil IYC Life Company Limited

The most affected now are startups. Most of these startups that used to employ 4, 5, 6 or more employees have to start from scratch, especially young African startups who struggled to secure capital to for their ventures. I believe leaders must focus on creating pool of funds to serve as incentive to attract other startups that are in the informal sectors. I believe this will widen the tax pool of governments and create a solid base for building respective economies.

Christoph Biehl University of Birmingham

I am wondering if there are any considerations to include the SDGs in the discussion around state aid?
It seems that the discussions are preliminary around financial figures, ignoring the interconnectedness of the different systems.
(If of interest there are more details in the attachment.)

Volodymyr Sidenko Razumkov Centre

Two important questions arise in the context of discussions on this topical issue. 1. Why many national governments were so helpless as to allow massive repatriation of their citizens from COVID-hit countries without due observation and testing (as it happened in Ukraine and many other countries) – the thing that greatly “contributed” to the rapid proliferation of the epidemic? What was the influence of this sort of policy on recommended “social distancing”? In my view, it looks senseless to impose restrictions on many economic and social activities and suffer considerable losses arising out of these restrictions if you do not… Read more »

Beryu Yundze Gaston Istanbul Aydin University

Most countries are into the third month of lock down and many are out of work. Stock markets have been falling ever since and economies are threatened.
-What could be other alternatives to quarantine and lock downs that will allow people to go back to work and still be safe?
-What if a cure is not found in the nearest future, will lock downs still be an option?

Aderemi Kuku National MathematicalCentre, Abuja , Nigeria

It seems to me that the present global pandemics that has destabilized the whole world, will inevitably change our way of life for good–developed and developing countries alike.And I quite agree with Dennis Snower that this pandemics will come to an end only if it comes to an end EVERYWHERE. The lockdown everywhere has resulted not only in the loss of millions of small scale industries and near-collapse of the economics of many countries but also millions of unemployed people who have had to cue at food banks for food(e.g USA) and millions of poor hungry people who have had… Read more »

Rolf J. Langhammer Kiel Institute for the World Economy

Comment on :What Can We Do to Manage the Economic Consequences of COVID-19? (Özatay, Sak) The Policy Note is very useful and the recommended option two is reasonable. Yet, it requires a more active role of central banks from the very beginning compared to option one. Thus, sooner or later, central banks will become the best friends of their governments, the latter being the big debtors. I can understand that diamonds are the girl’s best friends, but should central banks (and their helicopter bazooka) be the government’ s best friends? When do fiscal policy and monetary policy fully converge? Should… Read more »

subhendu das Home Office

“Can the G20 live up to this task?” – Yes, only G20 can solve this problem and any other similar future problems. In 2008 crisis Bloomberg news discovered that US Central Bank (CB) secretly injected more than 10T dollars to the banks to save the economy. The same thing can be done now also. CB of all countries should inject more than 100T dollars worldwide to all nations to the people of each country, instead of banks, to save the economy, as long as Covid-19 is not cleared. There is yet another alternative, much better than the above, which is… Read more »

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