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G-7 should invest US$1 trillion per year for sustainable Covid-19 recovery: Report, Europe News & Top Stories

LONDON (REUTERS) – Group of Seven countries should invest US$1 trillion (S$1.3 trillion) per year until 2030 to ensure a strong and sustainable economic recovery from the pandemic, according to a report that was requested by British Prime Minister Boris Johnson.

US President Joe Biden is expected to join other G-7 leaders at a G-7 summit in Cornwall, southern England, on June 11-13.

“At the heart of the proposed vision for the economic response to the pandemic is a coordinated global programme of investment for recovery, reconstruction and transformation that can boost all forms of capital – physical, human, natural and social,” Prof Nicholas Stern, an economics expert at the London School of Economics, said in the report.

“While the majority of investment will be in the private sector, public investment will have to play a key role in the early period, particularly for sustainable infrastructure,”Prof Stern said.

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