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Substantial efforts needed to avoid global economic slowdown – Ban Ki-moon

Substantial efforts needed to avoid global economic slowdown – Ban Ki-moon

Meeting of the Group of 77
Addressing the largest bloc of developing countries at the United Nations, Secretary-General Ban Ki-moon today called for substantial efforts to avoid a worldwide economic recession, warning that the group’s members are likely to be the worst affected by any global slowdown.

Addressing the largest bloc of developing countries at the United Nations, Secretary-General Ban Ki-moon today called for substantial efforts to avoid a worldwide economic recession, warning that the group’s members are likely to be the worst affected by any global slowdown.

Mr. Ban noted that volatility in financial markets has become a source of growing concern recently, and instability and uncertainty in the global economy are being “imported to the developing world.”

In remarks to the annual ministerial meeting of the Group of 77 developing countries and China – commonly known as the “G77” – Mr. Ban said that while actions such as the injection of liquidity can calm financial markets temporarily, they will not resolve the underlying problem of global economic imbalances.

He called on the international community to enhance its support for the efforts of developing countries, particularly as they seek to reduce poverty, which is “critical to improving the lives and livelihoods of the billions of people this Group represents.”

Poverty reduction, which is at the core of the UN development agenda, is also at the heart of the global development targets known as the Millennium Development Goals (MDGs), Mr. Ban stated, adding that the partnership between developing and developed countries forms the “pact that forms the lifeblood of the goals.”

Noting that an “implementation gap remains, between promises and delivery,” the Secretary-General called for reversing the decline in official development assistance (ODA), as well as reforming the global trade policy.

“We must ensure an early conclusion of the Doha round of trade talks, with a meaningful development package. We must operationalize ‘aid for trade.’”

Mr. Ban also highlighted the need to ensure adequate participation of developing nations, especially low-income countries, in global decision-making, noting that “inequitable and unjustifiable governance arrangements still characterize crucial international institutions.”

In addition, the Secretary-General urged the members of the Group to confront the global challenge of climate change, adding that “global warming must not be allowed to undermine our hard-won development gains.”