Enacting growth-enhancing reforms, such as programs to support job search and retraining, and reducing regulatory barriers to entry for new firms, could boost aggregate real gross domestic product in the G20 countries by about $4.9 trillion through 2026, Georgieva said.
To help developing countries cope financially, G20 nations should also speed up the implementation of the Common Framework for Debt Treatments so that vulnerable countries were not forced to choose between paying creditors and providing healthcare. G20 countries should also act soon to channel part of their newly allocated Special Drawing Rights, or emergency reserves, to the IMF’s Poverty Reduction and Growth Trust, she said.
Georgiega cited a new IMF analysis which found that increasing energy efficiency and transitioning to renewables could result in a net creation of new jobs because renewable technologies are more labor-intensive than fossil fuels.The research showed that a comprehensive investment plan focused on “green supply policies” could lift global GDP by about 2% this decade and create 30 million new jobs.
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