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

London, October 13 (EFE). – A report commissioned by the Group of Seven Industrialized Nations (G7) to a group of experts urged the group of rich countries 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 task of the expert group, headed by British diplomat Mark Sedwill, a senior official in the UK administration during the last two Conservative governments, was to analyze the global scenario left by the health crisis and propose recovery policies “based on the evidence”. .

Having presented their initial ideas to the leaders of the G7 – the group of seven most advanced countries – during the June summit in Cornwall (southwest of England), they have now published a final document of conclusions, warning that unexpected difficulties such as the pandemic, along with ” Other “chronic distortions” of the economic system, threaten the “flourishing” of the world.

“While the global community and groups such as the G7 respond to each crisis with strong rhetoric, we have not yet seen them live up to the commitments they made,” the experts say.

“At the time of writing (the report), only a portion of the COVID-19 vaccines that were pledged for this year after the (G7) Leaders Summit have been delivered,” the document says, 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 its meetings and to increase funding from 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, strengthen 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 “to ensure, not curb, global climate ambitions”.

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

Director of the Aspen Institute in Germany, Stormi Mildner, one of the report’s authors, claims that “today’s crises are frequent, acute, 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 so as well.” EFE

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