Can divided G20 nations unite against coronavirus?

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Divided G20 Nations Face Significant Hurdles in Uniting Against Coronavirus

The Group of 20 (G20) major economies are under considerable pressure to unite in their response to the coronavirus pandemic. However, the prospects for such unity are challenged by deep internal divisions and complex geopolitical tensions, contrasting with the cohesive action seen during the 2008-09 global financial crisis. Many questions remain regarding the potential agreements and communication methods for an upcoming impromptu leaders' meeting hosted by Saudi Arabia.
Past Successes and Current Inertia

The G20 previously demonstrated a united front during the 2008-09 global financial crisis, a period of significant international cooperation. In contrast, current and former officials suggest the G20 has not been as proactive in addressing the coronavirus outbreak, with finance officials having downplayed the risks at a previous meeting in Riyadh. This perceived lack of urgency has drawn criticism, particularly when compared to the G7's commitment to undertake "whatever is necessary" to combat the virus.
Geopolitical and Economic Disruptions

The upcoming G20 leaders' meeting is further complicated by a significant oil price war between member states Saudi Arabia and Russia, which has driven crude prices to near 20-year lows. Simultaneously, a war of words between the United States and China over the origin of the coronavirus has exacerbated existing diplomatic strains. These intertwined conflicts create a volatile backdrop that hinders the potential for consensus and coordinated action among the world's major economies.
Challenges to Remote Diplomacy

The logistical and diplomatic challenges of the meeting are amplified by the necessity of remote communication. Preparing for the leaders' summit, G20 deputies are expected to convene via teleconference. Summits typically involve months of in-person preparation to resolve differences among deputies, and conducting such sensitive negotiations remotely could make reaching compromises more difficult than traditional in-person gatherings.
Calls for Economic Measures

Amidst the crisis, former senior regulators have urged G20 officials to advocate for specific economic measures. They recommend that banks halt share buybacks, dividends, and staff bonuses to ensure that capital remains available within the economy. Such proposals highlight the desire for concrete actions to mitigate the economic fallout of the pandemic, underscoring the need for coordinated policy responses.

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Can divided G20 nations unite against coronavirus?

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