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Hind Al Soulia - Riyadh - World leaders began online crisis talks on Thursday on the coronavirus pandemic that has forced 3 billion people into lockdown and claimed more than 21,000 lives.
With the disease tearing around the globe at a terrifying pace, warnings are multiplying over its economic consequences and experts say it could cause more damage than the Great Depression.
King Salman said the world’s biggest economies must take firm measures on several fronts to combat coronavirus outbreak.
“We are holding this meeting because of our responsibility as leaders of the largest economies in the world, to confront the pandemic that requires us to take firm measures at various levels, as this pandemic continues to cause a loss of life and suffering to many states,” he said. “We must coordinate a unified response.
“The G20 must send a strong signal to regain confidence in the world economy,” he added
King Salman urged G20 leaders to offer a "helping hand" to developing nations and said the body's priority should be to guarantee the availability of basic medical supplies.
King Salman spoke via videoconference to world leaders that included Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
Ahead of the meeting, Sheikh Mohammed said that he expects the deliberations “to result in effective international measures”.
Riyadh said early on Wednesday that King Salman called the meeting to “advance a co-ordinated global response to the Covid-19 pandemic and its human and economic implications.
UN Secretary General Antonio Guterres has called for the world to act together to halt the spread.
"Covid-19 is threatening the whole of humanity," he said. "Global action and solidarity are crucial. Individual country responses are not going to be enough."
The global lockdown – which also took in India's huge population this week – tightened further Thursday as Russia announced it was grounding all international flights, while Moscow's mayor ordered the closure of cafes, shops and parks.
Tokyo's millions of citizens have been told to stay home and tourism-dependent Thailand has shuttered its borders.
Economists say the restrictions imposed around the world could cause the most violent recession in recent history.
"The G20 economies will experience an unprecedented shock in the first half of this year and will contract in 2020 as a whole," ratings agency Moody's said.
Unemployment rates are expected to soar around the world - as much as 30 per cent in the US - according to James Bullard, president of the St Louis Federal Reserve.
A record 3.3 million people filed for unemployment benefits in America last week as the crisis started to impact businesses.
Updated: March 26, 2020 05:22 PM
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