COVID-19: Challenges Before the G20 Trade Ministers

By Biswajit Dhar | Briefing Paper # 35 | April 5, 2020

Trade Ministers from G20 countries met on 30th March, days after the heads of states and governments of the major economies for an Extraordinary Summit meeting, to take a coordinated stand in response to the COVID-19 pandemic. In these extraordinary times, the Trade Ministers agreed that the “international community to step up cooperation and coordination to protect human life and lay the foundations for a strong economic recovery and a sustainable, balanced, and inclusive growth.”

In times when the global economic growth is adversely impacted on account of…

Coronavirus Triggers Large Capital Outflows from India

By Kavaljit Singh | Policy Brief # 6 | April 3, 2020

In March 2020, foreign investors pulled out a record Rs.1182 billion (US$16 bn) from the Indian financial markets as the spread of coronavirus (COVID-19) pandemic triggered panic selling across all emerging markets. As per official data released by the National Securities Depository Limited (NSDL), foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) together pulled out Rs.619 bn ($8.3 bn) from the equity segment and Rs.603 bn ($8.1 bn) from the debt segment in March (see Table 1).

The capital outflows from the Indian markets in March alone were larger…

G20 Leaders’ Commitments Fall Far Short of Expectations

By Kavaljit Singh | Policy Brief # 5 | March 27, 2020

The first-ever extraordinary virtual G20 leaders’ summit took place on March 26, 2020. The Summit was convened by Saudi Arabia, the current G20 chair, to develop collective global solutions in the fight against the coronavirus (COVID-19) pandemic. Singularly focused on the need to develop a global response to the pandemic, the Summit did not discuss the Saudi G20 Presidency agenda titled “Realizing Opportunities of the 21st Century for All” or previous commitments made by the G20.

Fortunately, the much-anticipated animosity between the US and China over the origins of the…

Coronavirus: A Seven-Point Action Plan for G20

By Kavaljit Singh | Briefing Paper # 34 | March 25, 2020

On March 26, 2020, an extraordinary virtual G20 Leaders’ Summit will take place to discuss global plans to tackle the public health and economic challenges posed by the coronavirus pandemic (COVID-19). The Leaders’ Summit will follow a virtual meeting of G20 Finance Ministers and Central Bank Governors that was held on March 23 and a virtual G20 Sherpa meeting to be held on March 25.

As anticipated, the G20 finance ministers did not issue a joint declaration after the call. Media reports suggest that no consensus was reached on releasing…

How to Manage the Economic Fallout of the Coronavirus

By Kavaljit Singh | Briefing Paper # 33 | March 19, 2020

The novel coronavirus (Covid-19) is rapidly spreading around the world. The first case of coronavirus was reported in the Chinese city of Wuhan in December 2019, but now it has spread to every continent except Antarctica. As of 18 March, 211,200 people have been infected, and at least 8,822 have died across six continents.

At the time of writing, there are no signs of coronavirus abating outside China. The virus, recognized as a pandemic by the World Health Organization on 11 March 2020, has caused considerable human suffering…