A No-Brainer for the G20
The sooner we get the COVID-19 pandemic under control, the sooner we can put the global economy back on track. At a virtual gathering this month, the G20 will have an opportunity to do precisely that, provided that world leaders are able to see the economic windfall that is staring them in the face.
LONDON – We may soon witness the bargain of the century. G20 leaders, representing the world’s largest economies, will discuss COVID-19 this month at a virtual summit, where they will have a chance to secure a return on investment that would make even the legendary investor Warren Buffett blush.
With less than one-tenth of one percentage point of global GDP, the international community can vastly expand access to life-saving COVID-19 tests, treatments, and vaccines (once they are available), thereby putting the global economy back on track to long-term growth and stability.
Investing now to ensure that effective diagnostics, therapeutic drugs, and vaccines are developed and distributed to people around the world is not only the right thing to do; it is also the smart thing to do. Enlightened self-interest dictates that we should be underwriting future demand for goods and services, so that global trade and growth can bounce back. This should be an easy call for G20 leaders.