The G7 major economies have pledged to do “whatever is necessary” to stabilise a global economy shaken by the coronavirus pandemic, with its leaders vowing to co-ordinate recovery plans in the face of a possible worldwide recession.
In a statement following a call between the leaders of the US, Canada, France, Germany, Italy, the UK and Japan, the G7 said they would press their central banks to support the financial system and hold weekly finance ministerial meetings to determine additional measures that would be needed.
The leaders said the pandemic, which has seen entire industries such as hospitality and aviation grind almost to a halt, was not only a human tragedy but also posed “major risks for the world economy”.
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