Protect World from Sliding into Global Recession, Urges UN Chief
(United Nations News) The economic and social consequences of the COVID-19 pandemic “are as bad as we feared”, the UN Secretary-General said, as he warned that the international community must act now if it is stave off a global recession, which could wipe out decades of development gains.
Speaking at a high-level event on financing for development in the era of COVID-19 and beyond, António Guterres said that while countries reacted swiftly to the global crisis, mobilizing a fiscal response of more than $11.5 trillion globally, only a fraction was accounted for by developing and emerging economies.
Economies “which have the greatest need, least resources and weakest capacities for addressing the crisis,” he highlighted.
The UN chief welcomed the G20’s Debt Service Suspension Initiative, which has created fiscal space in the world’s poorest countries, but added that the response did not address the magnitude of the crisis
“Unless we take action now, we face a global recession that could wipe out decades of development and put the 2030 Agenda for Sustainable Development completely out of reach,” he cautioned.
Read more a: United Nations News