UN report: global economy expected to shrink by 4.3percent in 2020

category:Finance
 UN report: global economy expected to shrink by 4.3percent in 2020


The report, entitled the impact of the new pandemic on Trade and development: transition to a new normal, predicts that the global economy will shrink by 4.3% in 2020, and that 130 million people may fall into extreme poverty in two years.

The novel coronavirus pneumonia epidemic has spread rapidly along the main artery of the global economy, and has promoted a global health crisis to the global economic crisis, which has caused a heavy blow to the most vulnerable people, Kitui, Secretary General of UNCTAD, said.

The report points out that unless immediate action is taken, especially in the interests of the poorest, the UN 2030 agenda for sustainable development will be off track.

In its report, UNCTAD provided a road map for recovery, pointing out that this requires a structural shift in Global trade and cooperation. The novel coronavirus pneumonia is a catalyst for change. We need to reshape global production networks and make multilateral cooperation better. Said Mr. Kitui, Secretary General of the conference. The crisis could lead to new and more resilient production networks based on shorter, more regional, sustainable and digital value chains, according to the report. It is also an opportunity to make production more environmentally friendly, the report said. This year, global carbon dioxide emissions are expected to fall by 8%, or 2.6 billion tons, roughly in line with the reduction needed to keep global temperature rise within 1.5 degrees Celsius in the next 10 years. As the economy recovers, more needs to be done to ensure that international production keeps pace with climate emergencies. Source: surging news editor: Wang Xiaowu_ NF

In its report, UNCTAD provided a road map for recovery, pointing out that this requires a structural shift in Global trade and cooperation.

The novel coronavirus pneumonia is a catalyst for change. We need to reshape global production networks and make multilateral cooperation better. Said Mr. Kitui, Secretary General of the conference. The crisis could lead to new and more resilient production networks based on shorter, more regional, sustainable and digital value chains, according to the report.

It is also an opportunity to make production more environmentally friendly, the report said. This year, global carbon dioxide emissions are expected to fall by 8%, or 2.6 billion tons, roughly in line with the reduction needed to keep global temperature rise within 1.5 degrees Celsius in the next 10 years. As the economy recovers, more needs to be done to ensure that international production keeps pace with climate emergencies.