The introduction of a coronavirus vaccine will likely end the global pandemic, but economic damage from the crisis will extend long into the future, especially for poor and vulnerable people, a report by the UN Conference on Trade and Development (UNCTAD) said on Thursday
UNITED NATIONS (Pakistan Point News / Sputnik - 19th November, 2020) The introduction of a coronavirus vaccine will likely end the global pandemic, but economic damage from the crisis will extend long into the future, especially for poor and vulnerable people, a report by the UN Conference on Trade and Development (UNCTAD) said on Thursday.
"The report, Impact of the COVID-19 Pandemic on Trade and Development: Transitioning to a New Normal, provides a comprehensive assessment of the economic knock-ons, projecting that the global economy will contract by a staggering 4.3 percent in 2020 and warning that the crisis could send an additional 130 million people into extreme poverty," a press release explaining the report said.
The report warned that the UN Sustainable Development Agenda 2030 will be derailed unless policies target the poor, with trade initiatives that tackle the twin challenges of market concentration and environmental impact.
At the same time, the pandemic provides an opportunity to for progress against climate change, the report said.
Global CO2 emissions are on track to decline by 8 percent this year, or 2.6 gigatons. This is roughly the same reduction that is needed annually for the next 10 years to maintain progress to just a 1.5-degree Celsius rise in global temperatures, according to the report.
As economies open back up, more needs to be done to ensure international production is in sync with the climate emergency, the report said.
