{"id":2411,"date":"2021-10-29T13:43:42","date_gmt":"2021-10-29T13:43:42","guid":{"rendered":"https:\/\/news25.org\/?p=2411"},"modified":"2021-10-29T13:43:47","modified_gmt":"2021-10-29T13:43:47","slug":"g20-leaders-to-tackle-energy-prices-other-economic-woes","status":"publish","type":"post","link":"https:\/\/www.news25.org\/g20-leaders-to-tackle-energy-prices-other-economic-woes\/","title":{"rendered":"G20 leaders to tackle energy prices, other economic woes"},"content":{"rendered":"\n

Leaders of the Group of 20 countries gathering for their first in-person summit since the pandemic took hold will confront a global recovery hampered by a series of stumbling blocks: an energy crunch spurring higher fuel and utility prices, new COVID-19 outbreaks, and logjams in the supply chains that keep the economy humming and goods headed to consumers.<\/strong><\/p>\n\n\n\n

The summit will allow leaders representing 80% of the global economy to talk \u2014 and apply peer pressure \u2014 on all those issues. Analysts question how much progress they can make to ease the burden right away on people facing rising prices on everything from food and furniture to higher heating bills heading into winter.<\/p>\n\n\n\n

Health and financial officials are sitting down in Rome on Friday before presidents and prime ministers gather for the G-20 Saturday and Sunday, but the leaders of major economic players China and Russia won\u2019t be there in person. That may not bode well for cooperation, especially on energy issues as climate change takes center stage just before the U.N. Climate Change Conference begins Sunday in Glasgow, Scotland.<\/p>\n\n\n\n

Here\u2019s a look at some of the economic issues facing G-20 leaders:<\/p>\n\n\n\n

THE PANDEMIC RECOVERY<\/strong><\/p>\n\n\n\n

The International Monetary Fund says the top priority for the economic recovery is simple: speed up the vaccination of the world population. Yet big headlines on vaccine cooperation may not be forthcoming at the Rome summit.<\/p>\n\n\n\n

The G-20 countries have supported vaccine-sharing through the U.N.-backed COVAX program, which has failed to alleviate dire shortages in poor countries. Donated doses are coming in at a fraction of what is needed, and developed countries are focused on booster shots for their own populations.<\/p>\n\n\n\n

Negotiations before the summit have not focused on a large number of vaccines that could be made available, though countries talked about strengthening health systems.<\/p>\n\n\n\n

Meanwhile, rising consumer prices and government stimulus programs to help economies bounce back from the pandemic may be discussed, but central banks tend to deal with higher prices and stimulus spending is decided at the national level.<\/p>\n\n\n\n

GLOBAL TAXES<\/strong><\/p>\n\n\n\n

One major economic deal is already done: The G-20 will likely be a celebration of an agreement on a\u00a0global minimum corporate tax, aimed at preventing multinational companies from stashing profits in countries where they pay little or no taxes.<\/p>\n\n\n\n

All G-20 governments signed on to the deal negotiated among more than 130 countries, and it now faces an ambitious timeline to get approved and enacted through 2023.<\/p>\n\n\n\n

U.S. President Joe Biden\u00a0has tied his domestic agenda to it \u2014 creating a global minimum tax can allow the United States to charge higher taxes without the risk of companies shifting their profits to tax havens. U.S. adoption is key because so many multinational companies are headquartered there.<\/p>\n\n\n\n