Various reform proposals made at the G20 Riyadh summit will contribute to restoring confidence in the post-pandemic global economy, trade and investment, and help in confronting potential crises through ensuring a comprehensive health care, economists told Asharq Al-Awsat.
Tackling the coronavirus pandemic’s effect on the movement of the economy, trade and investment through distinctive initiatives, the Saudi Presidency of the G20 was able to send positive and reassuring messages to restore confidence in the global economy and stimulate SMEs.
The G20 summit has presented a set of reform proposals focused on the issue of health and community systems.
Centered on treating weaknesses revealed by the Covid-19 pandemic, the proposals highlighted the need to take necessary steps to achieve holistic recovery through protecting people and strengthening the global economy.
“Proposals sponsored by the Saudi Presidency of the G20 are capable of providing important measures and reforms that will restore confidence in the global economy, especially after the first phase of the pandemic being over and world economies reopening,” said Fahad al-Hammadi, a board member of the Riyadh Chamber of Commerce and Industry.
G20 bids, according to al-Hammadi, also work on attracting investments and improving the efficiency of logistics services.
Other than establishing detailed economic policies that promote trade, investment and sustainable development, the proposals foster mutual understanding among G20 countries on global issues such as trade imbalances and protectionism.
Saudi economist Khalid Ramadan said that recommendations listed in the summit’s final communique encouraged reviving global growth to counteract the slowdown brought about by the coronavirus pandemic.
They promoted swift and pressing reforms in world trade and reinforced multilateralism, Ramadan added.
He explained that reform will save the global economy from long-term recession, especially in light of predictions forecasting that global GDP will incur about $12 trillion during 2020 and 2021.
Saudi academic Salem Baajaja, for his part, explained that Saudi Arabia has presented the G20 with a host of proposals that will enable the group to accomplish drastic change and achieve tangible results through international cooperation.