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Home Uncategorized Covid-19 pushing global economy ‘over the cliff’ – business leaders warn G20

Covid-19 pushing global economy ‘over the cliff’ – business leaders warn G20

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Unprecedented decline: Global economy expected to contract 4.5% this year

As the pandemic may “redraw the world trade map,” putting at risk global manufacturing and supply chains, the B20 stressed that developing trade and investment cooperation was necessary. In its statement, the group called on the G20 leaders to roll back protectionism and support open markets, and work closely with the World Trade Organization (WTO) to enforce “the rulebook to ensure a global level playing field.” 

The call comes as the world’s two biggest economies – both of which are the members of the G20– the US and China, are locked in a simmering trade and political conflict. The row has recently intensified in the tech sphere, with the US threatening to ban popular Chinese apps and sanctioning Chinese firms like Huawei.

For more stories on economy & finance visit RT’s business section

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