International business leaders are calling for urgent action to counter “elevated” downside risks from a global economy that is in its “worst state in a century.”
Business 20 (B20), a group of top CEOs from around the world, is meeting in advance of the G-20 summit, slated to be held next month in Saudi Arabia. The group warned that the leaders of the world’s top economies will need to take meaningful action at the summit.
“The global economy is in its worst state in a century,” warned Yousef Al-Benyan, chairman of the B20, according to CNBC and other press reports. “The challenging opportunity is to build back better, with real urgency required from policymakers and business leaders.”
In particular, the international business group is calling upon G-20 leaders to take “bold and broad-based” action, citing the threat from trade wars, tensions between various world powers and emerging challenges in the financial sector.
Executives in the B20 group released 25 different recommendations on Monday (Oct. 5) that it would like to be discussed and acted upon at the upcoming G-20 summit, which for the first time is being hosted by a country in the Middle East.
The international business group is calling upon global economy leaders to pull back from trade protectionism and to start “enforcing and enhancing the rulebook to ensure a global level playing field through institutions such as the World Trade Organization (WTO),” according to CNBC.
The B20 would also like to see governments boost the business and operating environment to make it more conducive to FinTech companies.
And leaders of the world’s top economies also should consider ramping up financing efforts to back sustainable development and diversification into new sectors, such as sustainable tourism, the business group is urging.