Economic Development

Equality, sustainability should guide COVID-19 recovery, say governments at regional forum

Countries in the Latin America and the Caribbean region have called for COVID-19 recovery to be guided by the principles of inclusive development, equality and sustainability. 

Global foreign direct investment halved amid pandemic, but China remained resilient

Foreign direct investment (FDI), a bellwether of globalisation and economic confidence, fell by 49 per cent to $399 billion in the first half of 2020, amid the upheaval caused by the coronavirus pandemic, a new report from the UN trade and development organization UNCTAD showed on Tuesday.  

UN expresses hope ‘new opportunities’ will arise from Sudan’s recognition of Israel

The UN chief on Saturday said he was taking note of the announcement that Sudan has agreed to normalize relations with Israel, expressing hope that further cooperation will advance international peace and prosperity.

A few ‘green shoots’, but future of global trade remains deeply uncertain

Although global trade is making a frail recovery, the outlook remains uncertain, UN trade and development body UNCTAD said on Wednesday, in announcing its latest COVID-era update

Collapsing consumer demand amid lockdowns cripple Asia-Pacific garment industry

The COVID-19 pandemic has triggered government lockdowns, collapsed consumer demand, and disrupted imports of raw materials, battering the Asia Pacific garment industry especially hard, according to a new report released on Wednesday by the International Labour Organization (ILO).

One in six children living in extreme poverty, with figure set to rise during pandemic

An estimated one in six children – or 356 million globally – were living in extreme poverty before the COVID-19 pandemic began, and this is set to worsen significantly, according to a new World Bank Group and UN Children’s Fund (UNICEF) analysis released on Tuesday. 

‘Biocups’, electric motorcycle taxis and recycling 500 billion bottles for a sustainable Thailand: a UN Resident Coordinator blog

The private sector in Thailand has a key role to play in helping the south-east Asian country to reach poverty reduction and sustainable development goals agreed by the international community. In this blog, Gita Sabharwal, the UN Resident Coordinator in Thailand and the Chairperson of the UN Global Compact Network Thailand, Suphachai Chearavanont, explain how, despite the global COVID-19 pandemic, progress is being made towards the goals.

‘Time for global solidarity’ to overcome COVID’s health, social and economic challenges

The COVID-19 pandemic has not only led to a “dramatic loss” of human life but also constitutes an “unprecedented challenge” to public health, food systems and employment, a group of leading UN agencies said on Tuesday. 

IMF: ‘Less severe’ but ‘still deep’ recession predicted

In the shadow of the COVID-19 pandemic and its continuing impact, the global economy could see a “somewhat less severe, though still deep” recession through 2020, the International Monetary Fund (IMF) has projected in its latest global economic outlook. 

UN chief urges ministers to provide ‘decisive leadership’ on climate action

With nations striving to recover from the COVID-19 pandemic and its devastating impacts, efforts must focus on decarbonizing the global economy and building a more inclusive and resilient future, the UN Secretary-General said on Monday.