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UK to host G7 finance ministers meeting


UK to host G7 finance ministers meeting

Thomas Koehler photothek net
Photo: Thomas Koehler/Photothek

The UK will host the Group of Seven (G7) nations’ finance ministers today.

The meeting will focus on the global post-pandemic economic recovery.  Ministers will discuss continuing economic investments to promote job growth, green initiatives and global economic inequality worsened by the pandemic. They will also push for increasing funds for global vaccination efforts to speed up economic recovery.

This meeting comes as some G7 nations begin recovering from the pandemic recession. Global recovery, however, has been uneven. Vaccinations are necessary for countries to fully reopen and begin economic recovery, yet most shots are administered in wealthy nations.  Vaccine supply shortages mean that while G7 economies may soon rebound, the global economy will likely lag behind.

Expect the G7 to push for International Monetary Fund and private sector funding to increase global vaccine availability.  Short-term, this, alongside G7 vaccine donations, will likely speed up global economic recovery as it will enable more nations to reopen faster. Medium-term policies will likely focus on green energy investments in renewable energy and electric vehicles to head off climate change and promote job growth. Long-term goals are to increase economic incentives to switch to renewables, carbon neutral energy and expand green industry jobs globally.

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