The COVID-19 pandemic is leading to an even more unequal world as the gains of millions of other people in failing countries are reversed, according to a new report released by the United Nations.
The Financing for Sustainable Development 2021 report shows that the global economy has experienced the worst recession in 90 years, with the most vulnerable segments of societies disproportionately affected. It is estimated that 114 million jobs have been lost and around 120 million people have returned to work. excessive poverty.
Only swift action can save you a lost decade for the progress of many countries.
“What this pandemic has shown beyond doubt is that we forget about global interdependence at our peril. Disasters do not respect national borders,” said UN Under-Secretary-General Amina Mohammed. “A divergent world is a disaster for all of us. ” It is morally right and in everyone’s economic interest that emerging countries triumph over this crisis.
The highly asymmetric response to the pandemic has widened already enormous disparities and inequalities within and between countries and peoples. A historic stimulus-stimulus budget of $16 trillion avoided the worst effects, but less than 20% was spent in emerging countries. As of January of this year, nine of the 38 countries that implemented vaccines were evolved countries.
Around a portion of the least developed countries and other low-income countries were at peak or misery of debt before COVID-19, and with declining tax revenues, the pandemic has skyrocketed debt levels.
The scenario in the world’s poorest countries is very worrying and may delay the achievement of the Sustainable Development Goals for another 10 years. The report includes concrete recommendations for countries to overcome the ravages of the pandemic.
It urges governments to act immediately, including:
“The widening gap between deficient countries is a worrying regression and calls for a rapid course correction,” said UN Under-Secretary-General Liu Zhenmin, Assistant Secretary-General of the Department of Economic and Social Affairs, which produced the report. “Countries want help not only to stay afloat financially, but also to invest in their own development. To build back better, the public and personal sectors want to invest in human capital, social coverage, and sustainable infrastructure and technologies.
The report emphasizes that blind progression to risk will not be sustainable and presents the reaction to the crisis as an opportunity to reset and “sustain” global systems. Past safeguards meant that some systems, particularly the monetary and banking systems, were maintained, in part because of reforms following the 2008 bank failures. Lessons learned from the current crisis can help put reforms in place now to build long-term resilience.
He recommends:
“To replace the course, we want to replace the rules of the game,” said the Assistant Secretary General. “Relying on pre-crisis rules will lead to the same traps that have been exposed over the past year. “
The full report and appendix will be uploaded to: https://developmentfinance. un. org/
Photo credit: UNDP PAPP/Abed Zagout
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