G20 nations put $11 trillion into COVID-19 economic recovery

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Nov. 19 (UPI) — G20 countries have pumped $11 trillion into economic recovery efforts in response to the coronavirus pandemic this year, according to a report by the organization released Thursday ahead of its summit this week in Saudi Arabia.

The G20, made up of many of the strongest economic countries in the world, including the United States, said the money dedicated to help nations fight through the coronavirus and restrictions is more than twice the gross domestic product of Japan.

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“The upcoming G20 Leaders’ Summit will seek to strengthen international cooperation to support the global economic recovery and lay solid foundations for strong, sustainable, balanced and inclusive growth,” Saudi Arabia Finance Minister Mohammed bin Abdullah Aljadaan said in a statement.

The G20 Summit itself has been affected by the coronavirus. The event will be held mostly online Saturday and Sunday. International leaders participating will focus on continued plans for global economic recovery with the health and humanitarian challenges created by the pandemic.

The countries involved in the G20 represent roughly 80% of the world economic output, two-thirds of its population and three-fourths of international trade.

Along with the United States and Saudi Arabia, members include Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Korea, Russia, South Africa, Turkey and the European Union.

“We have an opportunity to recover stronger and more sustainably from this pandemic, with greater social and economic inclusion,” Aljadaan said. “Through a united global response, the G-20 is determined to continue tackling the major challenges of our time and work towards finding solutions.”