As the negative impacts of the coronavirus on economies are mounting by day, G2O leaders will continue to work on a roadmap for global response to the pandemic, APA reports quoting Anadolu Agency.
The G20 finance ministers and central bank governors will hold meeting on Wednesday to form an action plan to combat the coronavirus crisis.
The G20 is set to gather at a time when the International Monetary Fund (IMF) projected the global economy would shrink by 3% in 2020 due to the pandemic.
The IMF's latest report stressed that “it is very likely that this year the global economy will experience its worst recession since the Great Depression, surpassing that seen during the global financial crisis a decade ago.”
This is why the G20's leadership in finding a sensible, more inclusive, human-centric global response to COVID-19 is considered a “difficult task” today.
Making up some 90% of global output, the G20 members' efforts in tackling the crisis is in spotlight now.
"G20 is an important asset in this process and we need to remember how it was established at the outset," Guven Sak, the managing director of Economic Policy Research Foundation of Turkey (TEPAV), told Anadolu Agency.
He said the G20 meetings started in 1999, in the wake of the 1997 Asian financial crisis, as an annual meeting of the treasury ministers and central bank governors of "economically relevant countries".
Evolved into a summit for heads of governments following the 2008 crisis, the G20 has played an important role in enabling international cooperation, taking responsibility in guiding countries in times of crisis, he added.