G7 advisors urge big changes to manage risks to global economy
Reuters
Published Oct 13, 2021 04:28AM ET
LONDON (Reuters) - The governance of the world economy needs to be overhauled to ensure it can withstand future health and economic shocks, as well as challenges posed by climate change and the rise of China, advisors to the Group of Seven rich nations said.
Supply chains, vaccine distribution, access to critical minerals, cyber threats, digital tax, crypto-assets and climate change required a step change in how the world economy is managed, the advisors said in a report published on Wednesday.
Mark Sedwill, a former head of Britain's civil service and national security advisor who chaired the G7 Advisory Panel on Economic Resilience, said the G7 should work together more effectively to identify and manage emerging risks or coercion.
On China, the advisors said Beijing was determined to reach market dominance in areas such as artificial intelligence and biotechnology, and had already done so in the refining and production of minerals key to the world's green transition.
The panel recommended investment in new infrastructure and research, ensuring that trade rules supported the fight against climate change, and a commitment to information-sharing, traceability and standards reform for minerals critical to the green transition.
The report will form part of discussions at a Group of 20 leaders' summit in Rome later this month and at the COP26 Climate Change Conference in Glasgow in November.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.