Business leaders from the Group of 20 major economies around the world have called for bold economic policies to address the fallout from the protracted COVID-19 crisis. 

According to CNBC on Monday, Yousef Al-Benyan, chairman of the Business 20 (B20), consisting of major CEOs from around the world, made the call, saying the global economy is in its worst shape in a century. 

He said “bold and broad-based” policy action is needed to induce a stronger and more stable economic recovery. 

Raising their voice ahead of the G20 Summit slated to be held in Saudi Arabia next month, the B20 made 25 policy recommendations to tackle economic risks such as trade disputes, uncertainties surrounding government policies, regional tensions and increased financial vulnerabilities. The B20 seeks to deal with those risks through strengthened multilateralism, carbon neutrality and more investments in digital infrastructure among other goals. 

The group argued that the implementation of those recommendations will raise the gross domestic product of G20 countries by more than four percent in the long term.