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UN Report: a severe economic downturn is undermining development prospects in Africa | United Nations Economic Commission for Africa
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UN forecasts 4 7% global economic growth in 2021
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The Associated Press
UNITED NATIONS The United Nations warned Monday that the world economy is “on a cliffhanger,” still reeling from the COVID-19 pandemic whose impact will be felt for years but still expected to make a modest recovery of 4.7% in 2021 which would barely offset 2020 losses.
The U.N.’s new report on the World Economic Situation and Prospects said the once-in-a-century crisis sparked by the global impact of the coronavirus caused the global economy to shrink by 4.3% in 2020 the sharpest contraction in global output since the Great Depression that began in 1929 and far higher than the 1.7% reduction during the Great Recession of 2009.
Thursday, 28 January 2021, 6:44 pm
Pandemic is threatening to reverse the
progress that the regions have made towards advancing
sustainable development
Bangkok,
28 January The United Nations today warned that
the devastating socio-economic impact of the COVID-19
pandemic will be felt for years to come unless smart
investments in economic, societal and climate resilience
ensure a robust and sustainable recovery of the global
economy.
In 2020, the world economy shrank by 4.3 per
cent, over two and half times more than during the global
financial crisis of 2009. The modest recovery of 4.7 per
cent expected in 2021 would barely offset the losses of
2020, says the latest World Economic Situation and
East and South Asia
Diplomatic Correspondent
28th January, 2021 10:45:18
The United Nations (UN) on Thursday warned that the devastating socio-economic impact of the COVID-19 pandemic will be felt for years to come unless smart investments in economic, societal and climate resilience ensure a robust and sustainable recovery of the global economy.
In 2020, the world economy shrank by 4.3 per cent, over two and half times more than during the global financial crisis of 2009.
The modest recovery of 4.7 per cent expected in 2021 would barely offset the losses of 2020, says the latest World Economic Situation and Prospects.
GDP growth in East Asia fell sharply to 1.0 per cent in 2020, marking the region’s weakest expansion since the Asian financial crisis of the 90s. Widespread mobility restrictions significantly curtailed household spending and investment, while supply chain disruptions and weak global demand adversely affected exports.
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