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New variants, vaccination pace could threaten economic recovery, warns G20

The finance ministers and central bankers of G20 nations, however, underlined that the global outlook has further improved since their meeting in April.
By hindustantimes.com | Written by Kunal Gaurav, Hindustan Times, New Delhi
PUBLISHED ON JUL 10, 2021 11:06 PM IST
Union minister for finance & corporate affairs Nirmala Sitharaman virtually participates in a G20 meeting.(ANI)

The G20 nations on Saturday said that the new variants of coronavirus and different paces of vaccination around the world could threaten economic recovery. In the final communique after meeting in Venice, the finance ministers and central bankers of G20 nations, however, underlined that the global outlook has further improved since their meeting in April, mainly due to the rollout of vaccines and continued policy support.

“We reaffirm our resolve to use all available policy tools for as long as required to address the adverse consequences of coronavirus disease (Covid-19), especially on the most impacted, such as women, youth and informal and low-skilled workers,” the statement read.

US treasury secretary Janet Yellen said the G20 meetings were further confirmation that the world is ready to end the global race to the bottom on corporate taxation, adding that there's broad consensus on a global minimum tax of at least 15%. Citing the backing of 131 nations on the global minimum tax, Yellen said that the world should now move quickly to finalise the deal.

“In addition to tax, the G20 made good progress on a range of issues, including climate change and the effort to help lower income nations with their vaccine rollout so the world can finally neutralize the threat of Covid-19,” she added.

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Union minister for finance & corporate affairs Nirmala Sitharaman participated virtually in the meeting under the Italian Presidency. The two-day meeting on July 9-10 saw discussions on a wide range of issues including global economic risks and health challenges, policies for recovery from the Covid-19, international taxation, sustainable finance and financial sector issues.

According to the ministry of finance, Sitharaman shared the Indian experience of integrating technology with inclusive service delivery during the pandemic. She also shared her insights on the Italian Presidency’s ongoing work on a roadmap to guide sustainable finance, the ministry of finance said in a statement.

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