LONDON: Group of Seven (G7) nations should collectively spend at least $10 trillion a year over the next decade to put the world on a path to sustainable growth, a report requested by Britain’s prime minister revealed. “The world is confronting a complex set of interwoven challenges,” Stern told journalists in a Zoom press call as the report was released. “Unless you tackle them together, you are not going to do very well on any of them.” “Get it right, and we have a much more attractive way of growing and developing,” he added. A trillion dollars a year spread across these seven economies would translate to about 2 percent of their pre-pandemic GDPs, the report calculated. It said that G7 nations should not leave the June meeting without closing the $20-billion funding gap for Covax.

Source: Manila Times May 12, 2021 16:18 UTC