This weekend, theG20 leaders’ summit takes place
<https://g20.org/en/LeadersSummit/Pages/default.aspx>– not physically of
course, but by video link. Proudly hosted by Saudi Arabia, that bastion
of democracy and civil rights, the G20 leaders are focusing on the
impact on the world economy from the COVID-19 pandemic.
In particular, the leaders are alarmed by the huge increase in
government spending engendered by the slump forced on the major
capitalist governments to ameliorate the impact on businesses, large and
small, and on the wider working population. The IMF estimates
<https://blogs.imf.org/2020/10/14/fiscal-policy-for-an-unprecedented-crisis/>that
the combined fiscal and monetary stimulus delivered by advanced
economies has been equal to 20 per cent of their gross domestic product.
Middle income countries in the developing world have been able to do
less but they still put together a combined response equal to 6 or 7 per
cent of GDP, according to the IMF. For the poorest countries, however,
the reaction has been much more modest. Together they injected spending
equal to just 2 per cent of their much smaller national output in
reaction to the pandemic. That has left their economies much more
vulnerable to a prolonged slump, potentially pushing millions of people
into poverty.
https://thenextrecession.wordpress.com/2020/11/21/g20-the-debt-solution/
-=-=-=-=-=-=-=-=-=-=-=-
Groups.io Links: You receive all messages sent to this group.
View/Reply Online (#3797): https://groups.io/g/marxmail/message/3797
Mute This Topic: https://groups.io/mt/78429770/21656
-=-=-
POSTING RULES & NOTES
#1 YOU MUST clip all extraneous text when replying to a message.
#2 This mail-list, like most, is publicly & permanently archived.
#3 Subscribe and post under an alias if #2 is a concern.
-=-=-
Group Owner: [email protected]
Unsubscribe: https://groups.io/g/marxmail/leave/8674936/1316126222/xyzzy
[[email protected]]
-=-=-=-=-=-=-=-=-=-=-=-
