G20 warns of economic risk from COVID variants

The group of 20 rich countries said on Saturday that the economic outlook had improved since they last met in April but warned that new COVID-19 variants could threaten the recovery. It also said for the first time that carbon pricing could be part of the policy mix for tackling climate change.

The group of 20 rich countries said on Saturday that the economic outlook had improved since they last met in April but warned that new COVID-19 variants could threaten the recovery. "We reaffirm our resolve to use all available policy tools for as long as required to address the adverse consequences of COVID-19," said the final statement by G20 finance ministers and central bankers meeting in Venice.

As expected, the group endorsed a global deal on corporate taxation agreed this month by the Organisation for Economic Cooperation and Development envisaging a corporate tax rate of at least 15%. It also said for the first time that carbon pricing could be part of the policy mix for tackling climate change.