The recent historic tax deal among these countries has been the most highlighted discussion ahead of the G7 leaders’ summit. However, the most important decision to make in these situations is how to manage the economic status of the countries and take all the measures possible to bring the worldwide economy back on track.
The finance ministers’ meeting ahead of the G7 summit was of major importance as the issue for solving economic instabilities was discussed. The treasury secretary Janet Yellen said that the economies of the G7 have space and time to speed up the recovery process and should do everything in their power to bring their economic statuses back to normal. The goal is to reach the pre-covid level of GDP while supporting and understanding the pre-pandemic growth rate and pattern in order to implement these decisions better.
Withdrawal of support is out of the question, and all the leading countries should think of is how to get back on track and how to help all the other less privileged counterparts to boost up their economy and the level of Gross domestic product and gross national product. The point was to include not only the economic growth of the countries but also to work on the existing issues of climate change and inequality in all walks of life.
Ms. Yellen proudly highlighted IMFs projections that show the US to be the first one among all the countries to grow through these difficult times and to recover their economy to the pre-pandemic size due to the vast vaccine rollout initiated by President Joe Biden’s foresight and intellectual planning. The US has spread the message to the world that it is merely creating a platform for growth big enough to get to pre-pandemic, GDP will not be enough, and they need to do higher and better now. Regaining growth numbers is not enough to create momentum enough to foresee growth in the upcoming days. The US was not shy to state that their economy was hit really bad and has led to 7 million fewer jobs in the current days as compared to the pre-pandemic time, leaving people homeless and helpless.
To get over this situation, more and more job opportunities should be created as lockdowns are being slightly put off. While the ultimate goal is to fight climate change and bring about changes in the economic structure supporting the same, and the short-term goal to get on with pandemic rescue, crisis financial support should not be ignored as it affects millions of people worldwide significantly.