G7 advisors urge urgent changes to address risks to the global economy to mitigate risks
Advisors to the Group of Seven rich nations said that the world economy's governance must be restructured to ensure it can deal with future health and economic shocks, as well as challenges posed by climate change and the rise of China.
Supply chains, vaccine distribution, access to critical minerals, cyber threats, digital tax, crypto-assets, and climate change required a step change in how the world economy is managed, the advisors stated in spokesman note on Wednesday.
Mark Sedwill, a former head of Britain's civil service and national security advisor who chaired the G7 Advisory Panel on Economic Resilience, said the group should work together more effectively to identify and manage emerging risks or coercion.
The advisors stated that Beijing was determined to establish market dominance in areas such as artificial intelligence and biotechnology, and had already achieved this in the refinery and production of minerals critical to the world's green transition.
The panel recommended investments in new infrastructure and research, ensuring that trade rules supported the fight against climate change, and a commitment to information-sharing, traceability,, as well as standards reform for minerals critical to the green transition.
The report will be discussed at a Group of 20 leaders' summit in Rome later this month and at the COP26 Climate Change Conference in Glasgow in November.