B20 issues recommendations for COVID-19 economic recovery

RIYADH - The Business 20, a group affiliated to the Group of 20, has recommended a series of recommendations calling for global collaboration to combat the COVID-19 pandemic and help post-pandemic economic recovery, according to a report released here on Monday.

"As the voice of business to the G20, we are well-positioned to identify solutions to ensuring business continuity and supporting society at large given the impact of this pandemic. And we recognize governments cannot do it alone," Yousef Al-Benyan, chair of the B20 Saudi Arabia, told an online press conference to launch the Special Report to the G20.

The report, published on the B20 website, advocates building health resilience, including accelerating the development and availability of a COVID-19 vaccine, strengthening future pandemic preparedness and opposing new trade restrictions on medical products and services.

It says the G20 must work to safeguard human capital, which means protecting employee health and jobs in order to minimize unemployment, as well as allow for free flow of labor.

It calls for the prevention of financial instability, including avoiding negative spillovers on financial markets, increasing support for vulnerable economies, and increasing capital allocation to enterprises and infrastructure projects.

Moreover, the report also proposes unclogging global supply chains, accelerating digital infrastructure, as well as reviving productive sectors, which includes ensuring energy market stability and revitalizing travel and tourism.

"We can only achieve that through cooperation and collaboration between governments, global governance institutions and businesses," Al-Benyan added.

For this to happen, the chair said he believes international institutions such as the United Nations, the International Monetary Fund, the World Trade Organization, and the World Health Organization should play a key role in accelerating health and economic recovery after the pandemic.

In March, B20 Saudi Arabia established an initiative to address the impact of COVID-19 on the business world, through which the organization has consulted more than 750 business leaders from the G20 countries and beyond, including those from multinational corporations and micro, small and medium-sized enterprises.

Saudi Arabia will host the 15th G20 Summit in Riyadh in November.