Commentary: G7 meeting can be a turning point in pandemic recovery

LONDON: At the upcoming G7 summit in Cornwall, the major economies’ leaders have a critical opportunity to agree on a plan that not only drives a strong recovery from the COVID-19 pandemic for their own countries, but also speeds the transition to a more sustainable, inclusive and resilient global economy.

But they should recognise the need for significantly increased investment over the next decade to enable strong and sustained growth, and to respond to climate change and the loss of natural capital, including biodiversity. Countries should not repeat the mistake of the post-pandemic “Roaring Twenties” a century ago by focusing primarily on consumption.

But this does not mean that finance ministries should abandon fiscal discipline. Rather, they should ensure that public finances are directed toward high-quality investments that can create sustained growth and build tax revenues.Start your day informed with our Editor’s pick of what you should read and watch.This service is not intended for persons residing in the EU. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners.

These countries should also be investing much more to protect and restore nature on land and at sea, as well as in productive and sustainable agriculture. The G7 must therefore work to mobilise finance and foster investment in these economies. Because no country will be safe from the pandemic until it is under control everywhere, the most critical and urgent need is to make up the shortfall in financial support for the COVID-19 Vaccine Global Access facility and promote production and sharing of vaccines.

READ: Commentary: China’s foreign loans, as a recent study shows, is full of ‘Chinese characteristics’The G7 must also ensure that rich countries belatedly fulfill their commitment – made in 2010 – to mobilise US$100 billion per year from public and private sources by 2020 to help developing countries tackle climate change. They should seek to raise the annual amount substantially by 2025 and increase the concessional component.

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