April 2, 2020

Anna Murray 

The UN Department of Economic and Social Affairs (DESA) released a new report on April 1 about the global economy. Under the severe impact of the outbreak of COVID-19 pandemic around the world, DESA estimated the global economy could decline to 1% or higher by the end of 2020. According to the DESA’s finding, millions of low skilled workers are vulnerable to lose their jobs as more than 100 countries close their national borders under different levels of lockdown.

According to the DESA report, the sharp decline in consumer spending due to lockdowns in European Union and the US has stricken the service sector hard, such as retail trade, leisure and hospitality, recreation and transportation services. Meanwhile, developing countries are also at risk of a deep reduction in exports of consumer goods abroad. The DESA urged all governments to provide financial support to people and implement economic activities to help boost consumer spending.

The UN Secretary-General António Guterres stressed the COVID-19 pandemic is attacking societies at their core, claiming lives and people’s livelihoods. The UN officers appeal for urgent and bold policy measures to boost a resilient recovery from COVID-19 which ought to rebuild inclusive and sustainable together with climate change and other global challenges.

Photo:Webshot.