China News Agency, United Nations, May 13th-The United Nations Department of Economic and Social Affairs released the "World Economic Situation and Prospects" report in mid-2020 at the United Nations Headquarters in New York on the 13th. The report pointed out that in the context of the new coronary pneumonia epidemic, the world economy is expected to shrink by 3.2% in 2020, which marks the world economy has experienced the strongest economic contraction since the Great Depression in the 1930s.
The report shows that under the baseline scenario, the GDP growth rate of developed countries will drop to -5.0% in 2020, while the output of developing countries will shrink by 0.7%. It is estimated that the global cumulative output loss in 2020 and 2021 will be nearly US $ 8.5 trillion.
Eliot Harris, the chief economist of the United Nations and assistant secretary-general for economic development, issued a report at a video conference at the UN headquarters in New York. He said that the speed and strength of the economic recovery from the crisis depends not only on the effectiveness of public health measures in slowing the spread of the virus, but also on the ability of countries to protect work and income, especially the ability to protect the most vulnerable members of society.
The report points out that although the rate of new infections and deaths in the new coronary pneumonia epidemic has slowed in recent weeks, the future development of the epidemic and its impact on the economy and society remain uncertain. Between saving lives and saving the economy, some governments have started to carefully remove restrictions in order to speed up their economic development, and the recovery work depends largely on how public health measures and fiscal policies work together to stop the spread of the virus, Minimize the risk of reinfection, protect employment and restore consumer confidence.
The report pointed out that in the absence of rapid breakthroughs in vaccine development and treatment measures, the world ’s poverty and inequality after the new coronary pneumonia epidemic have increased, and the possibility of slow recovery and economic downturn is increasing. The world economy is expected to pick up moderately by 2021. With trade and tourism paralyzed, strengthening development cooperation, curbing the New Coronary Pneumonia epidemic, and providing economic and financial assistance to the countries most affected by the epidemic are key to accelerating the recovery and returning the world to sustainable development. (Finish)