On May 22, at 10:00 a.m., the Valdai Club held a panel discussion titled “Coordinated Fiscal Stimulus 2.0: What the G20 Can Do to Counter the Global Economic Slowdown,” featuring Timur Maksimov, Deputy Minister of Finance of the Russian Federation. The discussion will also be a Global Table of the 2020 Digital Global Solutions Summit, an important stage in the T20 process, which aims to generate recommendations for the Group of Twenty (G20) from the think tank perspective.
The first attempt at implementing a fiscal stimulus measure was implemented in the wake of the 2008-2009 financial crisis. While its results are generally viewed positively, there is sizeable potential to further improve on the delivery of stimulus and its impact on global growth. This time around, this coordinated stimulus exercise within the G20 should improve upon the previous effort by focusing more on the composition of fiscal spending, with greater priority accorded to human capital development, most notably health care. Apart from targeting short-term exigencies, the stimulus should also address longer-term vulnerabilities, including the undersupply of healthcare services on a global scale.