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Position Paper: Committee-Group of 20 Agenda - Addressing The Global Economic Slowdown in The Present

The document discusses the position of Barbados as the chair of the Caribbean community in addressing the global economic slowdown caused by the COVID-19 pandemic at a G20 committee meeting. It notes that the pandemic has severely impacted tourism-dependent Caribbean economies through canceled travel. It suggests that the committee discuss potential global food crises and recessions as a result of the slowdown. Additionally, it proposes that the development of agriculture and changes to debt relief policies focused on vulnerability rather than income level should be priorities to help revive economies.

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Daksh Saini
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78 views2 pages

Position Paper: Committee-Group of 20 Agenda - Addressing The Global Economic Slowdown in The Present

The document discusses the position of Barbados as the chair of the Caribbean community in addressing the global economic slowdown caused by the COVID-19 pandemic at a G20 committee meeting. It notes that the pandemic has severely impacted tourism-dependent Caribbean economies through canceled travel. It suggests that the committee discuss potential global food crises and recessions as a result of the slowdown. Additionally, it proposes that the development of agriculture and changes to debt relief policies focused on vulnerability rather than income level should be priorities to help revive economies.

Uploaded by

Daksh Saini
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Position Paper

Committee- Group of 20

Agenda- Addressing the Global Economic Slowdown in the present


geopolitical paradigm

Representing- Barbados (chair, Caribbean community)

During the past few months the world has witnessed a notable change in the local
as well as global economic landscape. The deadly covid-19 pandemic has spread
rapidly, forcing almost all the countries to adopt various measures which have
lead to economic slowdown

The main impact the virus on the domestic economy of the whole Caribbean
community is the cancellation of global business and personal travel with the
attendant effects on airlift and cruise visit to Caribbean community which has
already curtailed tourism activity. Over the past few months, unemployment
claims have reached unprecedented levels, mainly because of the layoffs
associated with the restrictions on the businesses. The losses in foreign exchange
earnings from tourism have weaken the external current account of most
countries in Caribbean. The contraction in the economic activities has impacted
the financial sector, as the businesses and individual adapt to slowdown.

As the chair of Caribbean community, the major discussion that the forum needs
to have is relating the global food crisis which is bound to take place due to covid-
19,Also the forum needs to look into whether the situation at hand would cause
a global recession or not. The forum also needs to suggest changes in the debt
relief policy.

The definition by IMF for global rescission is- "a decline in annual per-capita real World
GDP (purchasing power parity weighted), backed up by a decline or worsening for one or more
of the seven other global macroeconomic indicators: Industrial production, trade, capital flows,
oil consumption, unemployment rate, per-capita investment, and per-capita consumption".
Taking this into consideration, the forum needs to come to Consensus whether
the situation at hand can cause global recession and how do we tackle it.
According to the Caribbean community, the development in agricultural sector
and agricultural trade should be the top priority because the development if this
sector would help reviving of the economy of many countries, would help us put
in use of the human capital and help in fighting the potential food crisis at hand.
In debt relief policy, The chair of the Caribbean community suggests that
Countries which have taken the debt relief would not have any effect on their
credit rating in the international market and the relief should not be based on
level of the income of the country but on the basis of vulnerability.

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