Coronavirus Pandemic | USD 5 Trillion To Be Injected Into Global Economy By G20 Countries

To fight the global outbreak of novel coronavirus, the G20 countries on Thursday agreed to pump USD 5 trillion to boost the economy and overcome the economic crisis created by COVID-19. PM Narendra Modi, who addressed the summit, emphasised on focus of globalization on human aspects and mankind rather than economics. He also added that after climate change and terrorism, dealing with pandemic should the concern of the entire world.

The statement released by the G20 summit reads, "The unprecedented COVID-19 pandemic is a powerful reminder of our interconnectedness and vulnerabilities. The virus respects no borders. Combatting this pandemic calls for a transparent, robust, coordinated, large-scale and science-based global response in the spirit of solidarity. We are strongly committed to presenting a united front against this common threat."

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"We are deeply saddened by the tragic loss of life and the suffering faced by people around the world. Tackling the pandemic and its intertwined health, social and economic impacts is our absolute priority. We express our gratitude and support to all frontline health workers as we continue to fight the pandemic," the statement added.

In his address to the G20 summit, Chinese President Xi Jinping called for an "all-out global war" against novel coronavirus and proposed tariff cuts and removal of trade barriers to prevent the global economy slipping into recession. Speaking at the emergency G20 Summit on Covid-19 through videoconference, President Xi said the world needs to be resolute in fighting an all-out global war against coronavirus which has created an unprecedented health crisis.

"This is a virus that respects no borders. The outbreak we are battling is our common enemy. All must work together to build a strongest global network of control and treatment that the world has ever seen," Xi said.

Leaders of the G20 major economies held the online summit in a bid to fend off a coronavirus-triggered recession, after criticism the group has been slow to address the crisis.

The emergency videoconference was chaired by Saudi Arabia's King Salman. The talks come as the global death toll from Covid-19 soared to more than 21,000 and over three billion people were locked down in their homes, triggering a massive financial shock worldwide.