B20 leaders don't favor complete lockdown due to socio-economic implications: Al-Benyan

Business leaders are not in favor of a complete lockdown of the economies as it has economic and social implications, Yousef Al-Benyan, CEO, Saudi Basic Industries Corp. (SABIC) and chairman of The Business Twenty (B20), told Bloomberg.

He emphasized the need to strike the right balance between the government responsibility in managing the COVID-19 crisis and the responsibility of citizens to comply with the precautionary measures announced by their governments.

Al-Benyan stated that the G20 has been really responsive to the current crisis, compared to the financial crisis of 2008 and 2009, indicating that the response has been proactive, with incentive packages provided to energize the economy with a primary focus on SMEs and startups.

In response to the relationship between the United States and China, Al-Benyan said that from the B20 perspective free trade

is very crucial, adding that the group focused in its 25 policy recommendations on the fundamentals that are important to reenergize the global economy and make a sure return to normalcy.