Business leaders call for urgent reforms as global economy faces its 'worst state in a century'

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Top business leaders say the global economy is facing its worst crisis in a hundred years, and 'downside risks remain elevated' unless urgent reforms are enacted during the G-20 summit hosted by Saudi Arabia in November.

On Monday, business leaders under the Business Twenty group made 22 policy recommendations for the G-20 group.

"The global economy is in its worst state in a century," warned Yousef Al-Benyan, chairman of Business Twenty , a group made up of high-level CEOs from around the world. "The challenging opportunity is to build back better, with real urgency required from policymakers and business leaders," he added.

Saudi Arabia will be the first country in the Middle East and North Africa region to host a G-20 summit. The event brings together the leaders of the largest economies of the world to address financial and socioeconomic issues.On Monday, the B20 leadership made 22 policy recommendations for the G-20 group. Each recommendation fell into three key areas: empowering people, safeguarding the planet and shaping new frontiers.

Under the area of shaping new frontiers, the B20 made another nine recommendations, focusing on enhancing the environment for fintech and leveraging technologies to manage risks related to corruption and fraud.

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Political lockdown

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