International Community must act now to stave off global recession: UN Secretary-General

In his remarks at High-Level Meeting on Financing for Development in the Era of COVID-19 and Beyond, the United Nations Secretary General Antonio Guterres.  He remarked: “ The pandemic has continued to wreak havoc around the world and the response has not kept pace. One million people have died, a tragic milestone; more than 33 million have been infected. The economic and social consequences are as bad as we feared, and in some cases, worse. We are suffering the largest economic contraction since the Second World War.” 

 Economies “which have the greatest need, least resources and weakest capacities for addressing the crisis,” he highlighted.  

The UN chief welcomed the G20’s Debt Service Suspension Initiative, which has created fiscal space in the world’s poorest countries, but added that the response did not address the magnitude of the crisis  

“Unless we take action now, we face a global recession that could wipe out decades of development and put the 2030 Agenda for Sustainable Development completely out of reach,” he cautioned. 

Convened by the UN Secretary-General, together with the Prime Ministers of Canada and Jamaica the high-level meeting provided a platform for world leaders to reflect on the work over the last five months, following the meeting on financing for development, in May 2020. 

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