New Delhi: – The international institutions are warning that the growth rate of the global economy will reduce by half, because of the Coronavirus pandemic, which is on a rampage in the world and which has already claimed more than 22,000 lives. Against this background, the G-20 countries have announced an investment of $5 trillion, to tide over the impending crisis in the global economy.
The first virtual meeting of the G-20, having developed and developing countries as members was held on Thursday. This meeting was scheduled to be held in the Saudi capital of Riyadh. But the conference was held through teleconferencing, in view of the rampant Coronavirus pandemic. All the member countries concurred on joint efforts to counter the Coronavirus crisis. The decision to raise a fund of $5 trillion for the stability of the global economy was also taken.
The issue of medical equipment manufacture and supply to the countries, reeling under pandemic, was discussed in the conference as well. But the issue of the economic crisis created because of the pandemic was in the forefront. One-third of the world in under lockdown because of the pandemic. Production has stopped and marketplaces around the world are closed. Organisation for Economic Cooperation and Development (OEDC) had warned that if the situation continues, the global economic growth rate will be reduced by half. OEDC had also warned that it will take many years to recover from this crisis. The G-20 decision seems to have been taken, in view of this warning.