G7 report warns of “systemic challenges” in the global economy

This content was published on Oct 12, 2021 – 23:05

London, October 13 (EFE). – A report commissioned by the G7 group of experts urged the group of rich nations to use the tools at their disposal to strengthen the global economy, which is facing “unprecedented systemic challenges,” and meet these challenges. Assistance commitments in the face of the coronavirus pandemic.

The team of experts, headed by British diplomat Mark Sedwill, the senior official in the UK administration during the last two Conservative governments, was tasked with analyzing the global scenario left by the health crisis and proposing recovery policies “based on the evidence”.

After presenting their initial ideas to the leaders of the Group of Seven – the group of seven most advanced countries – during their June summit in Cornwall (southwest of England), they have now published a final document of conclusions, in which they warn against. Unexpected difficulties such as the epidemic, along with other “chronic distortions” of the economic system, threaten the “flourishing” of the world.

While the global community and groups like the Group of Seven major industrialized nations respond to each crisis with strong rhetoric, we have not seen them honor the commitments they made.

The document states that “at the time of writing (the report), only a portion of the vaccines against COVID-19 that was promised this year after the (G7) Leaders Summit has been delivered,” which also states that the UN Sustainable Development Goals have not been met. (SDGs).

Among their recommendations, the experts urged the G7 to make global protection a “permanent theme” of their meetings and to increase funding for the World Health Organization (WHO) and the Covax vaccine programme.

They also call on rich countries to develop standards and practices that facilitate a “green transition” of the global economy, enhance trade mechanisms for carbon dioxide emissions rights and implement plans to phase out the use of polluting fuels.

They particularly stress the need to “strengthen” WTO rules in order to “ensure, not rein in, global climate ambitions”.

“The Fourth Industrial Revolution, the rise of China, as well as environmental, economic and geopolitical events have overtaken global economic governance,” Sedwill said in a statement.

For her part, the director of the Aspen Institute in Germany, Stormi Mildner, one of the authors of the report, says that “crises today are frequent, dangerous and have multiple causes.”

He stressed that “the world as we know it has changed dramatically in recent years. It is time for global economic governance to do the same.” EFE

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