Rebeca grynspan, Former Vice President of Costa Rica

Shifting decisively away from four decades driven by a misplaced faith in unregulated markets and breathing new life into multilateral cooperation will demand additional policy transformations that go well beyond the rescue packages prompted by the Covid-19 pandemic, according to the UNCTAD Trade and Development Report 2021.To their credit, governments in advanced countries have responded to the Covid-19 shock by rediscovering the power of their purse and making resilience, rather than flexibility, the metric of recovery.But the crisis has also revealed just how fragmented and fragile the global economy has become, and how far this policy shift must extend if the oft-repeated phrase 'built back better is to define the post-pandemic recovery, said the report.Deprived of the policy independence and vaccines that advanced economies take for granted, many developing countries are facing a cycle of deflation and despair, with a lost decade looming.Through 2025 developing countries will be 12 trillion dollars poorer because of the pandemic, according to UNCTAD. On some counts, the failure to roll out vaccines will alone knock 1.5 trillion dollars from incomes across the South."The global recovery from the pandemic must reach beyond emergency spending and infrastructure investments to embrace a reinvigorated multilateral model for trade and development," said Rebeca Grynspan, Secretary General of UNCTAD."Only a concerted rethinking of priorities holds out hope of addressing the inequality and climate crises that have come to define our era."An examination of policy actions in three key areas of resilience building -- reducing inequality, countering corporate power and reducing carbon emissions -- suggests that advanced economies have taken welcome steps, but without the heft that more decisive steps and coordinated support would bring.Instead, and even without another financial crash, the global economy will remain subdued for remainder of the decade with developing countries -- particularly in Africa and South Asia -- hit hardest.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Ahmedabad Plane Crash

Pune Bridge Collapse

Maharashtra News

Mumbai Local

Weather Update

Mumbai Rains

Rebeca GrynspanFOLLOW

Rebeca grynspan, Latest News

Business :Global Leaders Unite to pledge commitments to ending Neglected Tropical Diseases by 2030

Ahead of the World NTD Day on January 30, global leaders convened today to celebrate the 10-year anniversary of the London Declaration and kick off endorsements to the Kigali Declaration on Neglected Tropical Diseases (NTDs) - a high-level political ...

Business :FDI flows to India drop 26 per cent in 2021: UNCTAD

Foreign Direct Investment (FDI) flows to India dropped 26 per cent in 2021 as compared with the previous year as large mergers and acquisitions deals recorded in 2020 were not repeated, the United Nations Conference on Trade and Development (UNCTAD) ...

International :Smart, sustainable maritime transport critical to global recovery: UNCTAD

Geneva [Switzerland], November 19 Although the COVID-19 pandemic's impact on maritime trade last year was less severe than ... ...

Business :UNCTAD issues amber warning on building back better

Shifting decisively away from four decades driven by a misplaced faith in unregulated markets and breathing new life into multilateral cooperation will demand additional policy transformations that go well beyond the rescue packages prompted by the C ...