G7 advisors urge big changes to manage risks to global economy

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LONDON, Oct 13 (Businesshala) – Governance of the world economy needs to ensure that it can meet future health and economic shocks as well as challenges posed by climate change and the rise of China, according to the Group of Seven The advisory nations said.

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In a report published on Wednesday, the advisors called for a step change in how the world economy is managed in the face of supply chains, vaccine distribution, access to critical minerals, cyber threats, digital taxes, crypto-assets and climate change. Is.

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Mark Sedville, former head of Britain’s civil service and national security adviser, 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, advisers said Beijing is determined to reach market dominance in areas such as artificial intelligence and biotechnology, and has already done so in refining and producing minerals for the world’s green transition.

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The panel recommended investments in new infrastructure and research, ensuring that trade regulations support the fight against climate change, and in information-sharing, traceability and standards for minerals critical to the green transition. commitment to improvement.

The report will form part of discussions at the Group of 20 leaders’ summit in Rome later this month and at the COP26 climate change summit in Glasgow in November.

Written by William Schomberg, Editing by David Milliken

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