Saudi Arabia, under the leadership of King Salman, brought together leaders from the world’s 20 largest economies for an extraordinary virtual summit on March 26. The purpose of the summit was to discuss a collective response to the ongoing COVID-19 pandemic, which has caused widespread devastation globally. The Saudi government commenced the summit by expressing condolences to all nations and citizens affected by the loss of lives due to the pandemic. It was announced that Saudi Arabia would also host the annual G20 summit later in the year, highlighting the significance of the country’s role in addressing the current crisis.

While the G20 summit traditionally takes place once a year, this year’s circumstances necessitated an additional gathering, mirroring the situation during the global financial crisis in 2009 and 2010. With analysts predicting an impending global economic recession, world leaders are compelled to find solutions to mitigate the potential financial and social disaster that lies ahead. In this critical juncture, decisive actions and international cooperation are vital to restoring confidence in the global economy.

King Salman emphasized the urgent need for a coordinated response to address the challenges posed by the pandemic. The primary focus was on financing research, vaccine development, and ensuring the availability of essential medical supplies and equipment. The approach adopted by political leaders worldwide echoes the “whatever it takes” stance witnessed during the global financial crisis, where major central banks such as the Federal Reserve and the European Central Bank implemented unprecedented measures to support the economy and stabilize markets. Fed Chairman Jerome Powell, in an interview, assured that the central bank would not run out of resources to tackle the unique crisis, highlighting the commitment of financial institutions to combat the economic fallout.

The G20 presidency’s agenda for this year revolves around three key messages: shaping new frontiers, safeguarding the planet, and empowering people. As the COVID-19 pandemic has brought the global economy to a standstill, remote work and sustaining supply chains have become crucial. Consequently, digital transformation efforts are expected to take center stage under the “shaping new frontiers” theme of the presidency. Additionally, Saudi Arabia has pledged to address contemporary labor market challenges, business models, and institutional issues arising from the pandemic’s impact.

The G20’s agenda for the year includes tackling future skills needs, facilitating business adaptation to the digital economy, and establishing a framework for a trustworthy and human-centered economy. While previous summits have focused on historical issues like migration and global trade conflicts, Saudi Arabia’s chairmanship in this extraordinary year assumes unprecedented significance. The COVID-19 pandemic has brought about substantial changes worldwide, necessitating innovative approaches to reshape the global economy and effectively respond to emerging challenges.

The extraordinary virtual G20 summit hosted by Saudi Arabia under King Salman’s leadership marks a pivotal moment in addressing the global crisis caused by COVID-19. The summit served as a platform for world leaders to collectively respond to the pandemic and its far-reaching economic repercussions. As Saudi Arabia assumes the G20 presidency, its focus on shaping new frontiers, safeguarding the planet, and empowering people reflects the need to adapt to the evolving circumstances brought about by the pandemic. The outcomes and actions arising from this year’s G20 summit will significantly influence the trajectory of the global economy and pave the way for a new era of international cooperation and resilience.