Global economy

Recent macroeconomic woes affecting the developed world are likely to spill over to emerging markets, especially more financially vulnerable and politically unstable Latin America, currently facing a resurgence in left-wing nationalistic movements. The Latin American left-wing has often aimed at increasing the dominance of state-owned enterprises in the economy, adopting stronger regulation and stringent control on foreign investment, all of which could lead to contract breaches and increase in litigation over disputes in regulated industries such as oil & gas, utilities, and mining.

As the meeting of G20 finance ministers enters its final day in Bali, Indonesia, ICC has issued the following statement.

Currently underway in the Swedish capital, Stockholm+50 commemorates the 50th anniversary of the United Nations (UN) Conference on the Human Environment, held in 1972 – which made the environment a pressing global issue for the first time. Aiming to drive action towards a healthy planet for the prosperity of all, the meeting brings leaders and representatives from governments, businesses, international organisations, civil society and youth together.

ICC has issued a warning that the world’s richest economies risk imposing major costs to the global economy absent of a step-change in their approach to managing the Covid-19 pandemic.

ICC has issued the following statement in response to the conclusion of today’s G20 Finance Ministers meeting.

ICC has joined leaders from 12 other international business and labour organisations to send a strong message to G20 countries: step up global collaboration to tackle global crises.

ICC Secretary General John W.H. Denton AO has outline three priorities for reviving the global economy as quickly and as safely as possible in the COVID-19 era.

ICC has warned that proactive government interventions will be needed to ensure the market can power an economic rebound in the wake of the COVID-19 crisis.

ICC – the institutional representative of over 45 million businesses – has called for action to tailor financial support measures to the needs of micro-, small- and medium-sized enterprises (MSMEs) in the context of the COVID-19 pandemic.

ICC has issued a set of competition policy and enforcement measures aimed at contributing to an effective COVID-19 response.