WORLD
Shinzo Abe and other G7 leaders vow to do whatever necessary to beat coronavirus shock
Baku, March 17, AZERTAC
Leaders of the Group of Seven industrialized nations said they will do “whatever is necessary” to ride out the coronavirus pandemic shock, ranging from deploying fiscal measures to supporting efforts to develop a vaccine, according to The Japan Times.
The announcement late Monday followed the first-ever G7 summit via videoconference, which took place amid growing fears that the U.S. and other economies could be tipped into a recession as tougher border controls are instituted and more businesses are shuttering to stem further spread of the COVID-19 disease.
“We are committed to doing whatever is necessary to ensure a strong global response through closer cooperation and enhanced coordination of our efforts,” the leaders said in a joint statement. “While current challenges may require national emergency measures, we remain committed to the stability of the global economy.
The statement also said that the G7 will “coordinate measures and do whatever it takes, using all policy tools,” including fiscal and monetary measures, to achieve strong growth in their economies and safeguard against downside risks.
Finance ministers are expected to coordinate weekly on implementing the measures, the statement said, adding that the G7 countries will address disturbances to international supply chains and work to facilitate international trade.
Japanese Prime Minister Shinzo Abe told reporters after the videoconference that he called on his counterparts to come up with a “strong” message, given concerns that the global economy could suffer adverse impacts of “great magnitude.”
Abe also said he secured support to hold the Tokyo Olympics and Paralympics in their “complete form” to prove that “humankind can overcome” the raging virus. But he did not indicate whether the leaders discussed any possible changes to Olympic scheduling.